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Rabat – The Moroccan financial landscape is spearheading a significant shift in the Moroccan financial landscape with its acquisition of Societe Generale Marocaine de Banques and its subsidiaries, along with La Marocaine Vie, for a staggering €745 million.
Societe Generale, the French banking giant, announced the divestment today, signifying a strategic shift for both companies. Saham will absorb all activities, client portfolios, and employees of the acquired entities, propelling them to a position of greater strength within the Moroccan market.
This acquisition aligns with Societe Generale’s overarching strategy unveiled in September 2023, aimed at simplifying operations and fortifying the group’s operational framework.
Despite an anticipated positive impact on Société Générale’s CET1 ratio upon completion, estimated at around 15 basis points, the first quarter of 2024 is projected to bear a negative accounting impact of approximately -75 million euros due to the transaction.
Beyond the financial implications, the agreement paves the way for a long-term commercial partnership between Société Générale and Saham, ushering in new avenues for business collaboration.
Under this framework, Société Générale’s corporate clients in Morocco stand to benefit from Saham’s local banking expertise, while Saham’s major clients can access financing and support solutions from Société Générale’s seasoned professionals.
Read also: Saham Investment Group to Acquire Societe Generale Morocco in Landmark Deal
Slawomir Krupa, CEO of Société Générale, lauded the partnership as a pivotal moment in the group’s strategic evolution, expressing confidence in Saham’s ability to drive growth and create value for stakeholders.
Krupa emphasized Société Générale’s commitment to facilitating a smooth transition and nurturing a mutually beneficial relationship with the Saham Group.
Driving Saham’s ambitious expansion is Moulay Hafid Elalamy, a prominent figure in Morocco’s business landscape and former Minister of Industry, Trade, Investment, and the Digital Economy.
With a track record spanning decades, Elalamy’s entrepreneurial acumen and strategic vision have propelled Saham Group to prominence, reshaping Morocco’s economic trajectory.
From pioneering initiatives in the telecommunications sector to orchestrating strategic partnerships and overseeing significant financial transactions, Elalamy’s leadership has left an indelible mark on Morocco’s business ecosystem, making him a driving force behind Saham’s continued success.
The transaction is subject to regulatory approval and customary closing conditions. With its successful conclusion, both Société Générale and Saham are positioned for a new chapter, shaping the future of Morocco’s financial landscape.
