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Rabat – The Moroccan banking landscape is set for a significant shake-up as the Saham Group, led by Moulay Hafid Elalamy, has secured the final regulatory approval to acquire Societe Generale Maroc, one of the country’s largest banks.
The green light from Bank Al-Maghrib, Morocco’s central bank, comes after months of anticipation and speculation surrounding the deal.
The acquisition will see Saham Finances take control of 57.67% of Societe Generale Maroc’s capital, while Saham Horizon will acquire 50.98% of La Marocaine Vie, a subsidiary of the French banking giant.
Abdellatif Jouahri, the Wali of Bank Al-Maghrib, confirmed the approval at a press conference following a board meeting.
“A meeting of the Credit Institutions Committee will be convened in mid-October to finalize the matter,” he said, indicating that the deal is expected to be completed by the end of the year.
The takeover marks a significant milestone for Saham, a prominent Moroccan conglomerate with interests in various sectors. For Societe Generale, the deal represents a strategic move as the bank seeks to streamline its operations and focus on core markets.
While the transaction is expected to have a positive impact on Societe Generale’s capital adequacy ratio in the long term, it will likely result in a short-term accounting charge of around €75 million.
The French bank has been actively divesting its non-core assets as part of its strategy to improve its financial performance and competitiveness.
The acquisition of Societe Generale Maroc by Saham is expected to have far-reaching implications for the Moroccan banking sector. It could lead to increased competition, innovation, and financial inclusion.
Founded in 1995 by Moulay Hafid Elalamy, Saham Group has rapidly expanded from its beginnings in the insurance industry to become a diversified investment company with a presence in Morocco, Dubai, and Luxembourg.
The acquisition of Societe Generale Maroc is expected to further solidify its influence in Morocco’s banking sector and extend its footprint across the financial industry.
The Saham Group’s focus on regional growth aligns with its broader strategy of becoming a leading player across multiple sectors in Africa.
The company’s entrepreneurial spirit and aggressive acquisition strategy have made it a key force in the Moroccan economy, positioning it for further expansion in the coming years.
