It is becoming more and more clear for the financial arrangement which should serve Moulay Hafid Elalamy for the repurchase of the shares of the French banking group, Société Générale, in its Morocco subsidiary, Société Générale Marocaine de Banque (SGMB) as well as the insurance subsidiary of this, namely Moroccan Life.
The former minister of industry and commerce, known for his financial expertise and his genius for mobilizing funds, will use an international fund, Saham Outsourcing Services Fund, created in 2018 and used by MHE for the merger deal with the German operator, Bertelsmann, to set up Majorel, world leader in call center management.
For its takeover of Société Générale Maroc, MHE will change the name of this fund which will become Saham Finances, the name previously worn by the MHE group before the takeover of Saham Assurance by the South African group, Sanlam.
This name change is considered symbolic and not strategic, as some sources close to the group suggest.
For the takeover of the insurance company, La Marocaine Vie, MHE will use another fund, Saham Horizon, name given to a former fund called, Saham Education Fund through which the former minister had invested massively in the education sector. education by purchasing numerous established school groups.
Remember that the takeover of Société Générale Maroc and Marocaine Vie will cost My Hafid Elalamy a whopping 8 billion dirhams. An operation which will allow it to acquire more than 57% of the shares in the capital of the Moroccan bank and 100% of the capital of Marocaine Vie.
At present, the monetary and competition authorities have not yet given their final authorization for the financial outcome of this major banking deal.
