Saham Group has announced receiving the final approvals necessary to complete the acquisition of Société Générale Morocco (SGMB), paving the way for the official finalization of the deal in early December in Casablanca.
According to Jeune Afrique, the transaction involves the purchase of 57.67% of the bank’s shares, alongside the transfer of management for several subsidiaries, including Eqdom, Soglease, and SG Offshore. Valued at a total of €745 million, this deal places Société Générale’s Moroccan branch under the umbrella of Saham Group.
As part of the agreement, Saham Group will acquire all operations previously managed by the bank in Morocco, including services provided by the life insurance company “La Marocaine Vie”. The group has confirmed that all employees within the acquired branches will retain their positions under the same conditions, now managed by the new ownership.
This move comes amid strategic shifts by Société Générale, which has been scaling back operations in various African markets, including Congo and Chad. The bank is also expected to sell its branches in Equatorial Guinea and Burkina Faso in the near future.
These changes reflect Société Générale’s efforts to simplify its business model and enhance operational efficiency, aligning with similar strategies undertaken by other French banks such as Barclays and BNP Paribas, which have reduced their presence in African markets to streamline global operations.
Notably, Société Générale recorded a net profit of €2.5 billion last year, highlighting its robust performance despite global economic challenges.
The acquisition by Saham Group marks a significant milestone in the Moroccan banking sector, bolstering Saham’s position and opening new opportunities to expand its activities in the region. This deal underscores the ongoing development of Morocco’s financial sector and its increasing role in regional economic growth.
