The sale of the French banking giant to the Saham Group aligns with Société Générale’s strategic roadmap unveiled in September 2023, aimed at streamlining its operations.
Société Générale sells all its holdings to Saham Group
The Moroccan financial landscape undergoes a significant shift with the acquisition of Société Générale Marocaine de Banques and its subsidiaries, including La Marocaine Vie, for a staggering amount of 745 million EUR. Société Générale, the French banking giant, announces its divestment in early April 2024, signaling a strategic change for both entities. The Moroccan entity Saham absorbs all the acquired entities’ activities, client portfolios, and employees, propelling them into a stronger position in the Moroccan market.
This acquisition is part of Société Générale’s overarching strategy unveiled in September 2023, aimed at streamlining operations and fortifying the group’s operational framework. Despite an anticipated positive impact on Société Générale’s CET1 ratio in the long term, estimated at around 15 basis points, the first quarter of 2024 is expected to bear a negative accounting impact of approximately -75 million EUR due to the transaction.
Long-term commercial partnership between SG and Saham
Beyond the financial implications, the agreement paves the way for a long-term commercial partnership between Société Générale and Saham, fostering new avenues of business collaboration between the two entities. Within this framework, Société Générale’s corporate clients in Morocco will benefit from Saham’s local banking expertise. In contrast, Saham’s significant clients will gain access to financing and support solutions from Société Générale’s seasoned professionals.
Slawomir Krupa, CEO of Société Générale, lauds the partnership as a pivotal moment in the group’s strategic evolution. This financial framework reflects his confidence in Saham’s capability to drive growth and create value for stakeholders.
Krupa underscores Société Générale’s dedication to ensuring a seamless transition and nurturing a mutually advantageous relationship with the Saham group.
Saham Group : Among the cornerstones of the Moroccan economy
The driving force behind Saham’s ambitious expansion is Moulay Hafid Elalamy. This businessman is a prominent figure in the Moroccan economic landscape and former Minister of Industry, Trade, Investment, and Digital Economy. With several decades of experience, Elalamy’s entrepreneurial spirit and strategic vision have propelled Saham Group into the spotlight, reshaping Morocco’s economic trajectory.
Whether pioneering initiatives in the telecommunications sector, orchestrating strategic partnerships, or overseeing significant financial operations, Elalamy’s leadership has left an indelible mark on the Moroccan commercial and economic ecosystem, positioning him as a driving force behind Saham’s continued success.
However, the divestment transaction is subject to regulatory approval and customary closing conditions. With this successful conclusion, both Société Générale and Saham are poised to embark on a new chapter, shaping the future of the Moroccan financial landscape.
