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Rabat – Moody’s has assigned Saham Bank its first-ever credit ratings, giving the Moroccan lender a Ba1 long-term deposit rating with a stable outlook. The decision marks a key moment for the bank, which has been undergoing a major transition since Societe Generale sold its majority stake last year.
Saham Bank, formerly Societe Generale Marocaine des Banques, was taken over by Morocco’s Saham Group in 2024, a move that reshaped one of the country’s oldest financial institutions.
Saham increased its stake to 70% in April, cementing the bank’s place under fully Moroccan ownership. With assets of MAD 132 billion as of June and a 6% share of national deposits, the bank remains the fourth-largest in the country.
Moody’s said the newly assigned rating reflects the bank’s solid profitability, strong capital levels, and long-established relationships with multinational companies and affluent clients. These factors, the agency noted, continue to support the bank despite an ongoing period of adjustment.
Still, the agency pointed to several risks. Societe Generale’s exit raises questions about the strength of the bank’s corporate franchise and its ability to maintain long-term relationships previously anchored by the French group.
Saham Bank also faces challenges in collecting deposits and managing liquidity, areas where it trails some of its domestic peers. The bank’s level of problem loans remains elevated as well, although partly because of conservative classification practices.
To help manage the transition, Saham Bank has entered a commercial partnership with Societe Generale, a relationship Moody’s expects to be important in the short term as the bank stabilizes and expands its international links.
The outlook remains stable, meaning Moody’s does not expect major changes in the near future. The agency said Saham Bank’s strong capital position, solid governance practices, and stable earnings should help balance the risks tied to ownership changes and ongoing funding pressures.
Upward movement on the rating is unlikely for now, while any weakening of governance, liquidity, or the bank’s corporate franchise could put downward pressure in the future.
Read also: Morocco’s Economy Strengthening with 4.7% Growth, European Bank Says in Latest Assessment
