two investment funds to pilot the 8 billion dirham deal –

VS‘is made. The Competition Council has been notified of the proposed repurchase of Société Générale France’s shares in its Moroccan subsidiary, by Moulay Hafid Elalamy’s Saham group. The deal provides for two economic concentration operations.

The first concerns the exclusive takeover of Société Générale Marocaine de Banques (SGMB), by Saham Finances, through the acquisition of 57.67% of its share capital and its voting rights. Formerly called Saham Outsourcing Services Fund, Saham Finance is one of the five entities created by the Saham group in 2018 to complete its transformation into an investment fund, as part of the sale of its insurance division to the South African group Sanlam.

This fund was used the same year to complete the merger with the German media and education specialist Bertelsmann, giving birth to Majorel. This customer relations giant was finally sold to its French competitor Téléperformance in 2023, for three billion euros.

The second notified operation concerns the exclusive takeover of the insurance company La Marocaine Vie by Saham Horizon, through the acquisition of 50.98% of its share capital and its voting rights.

Formerly called Saham Education Fund, the Saham Horizon fund until now supported the investments of the education division of the Saham group, to develop its international network of schools of excellence (IEG) ranging from nursery to high school. Since its creation in 2015, IEG has around ten schools for more than 7,000 students.

The great return

Six years after withdrawing from the insurance sector following the sale of Saham Assurance to the South African group Sanlam, the former Minister of Industry and Trade concluded, Thursday April 11, the agreement to acquire the entire shares of Société Générale France in its Moroccan subsidiary. For 745 million euros (around 8 billion dirhams), Saham acquired, in addition to exclusive control of SGMB and La Marocaine Vie, around ten subsidiaries operating in various financial sectors.

Among these is Eqdom, the consumer credit specialist listed on the stock exchange, 53.72% owned by the French banking group. Other subsidiaries include Sogelease Maroc, a major player in the country’s furniture and real estate leasing market, the UCITS management company Sogecapital Gestion, the stock exchange company Sogecapital Bourse, and the group’s offshore bank, all owned exclusively by the subsidiary. Moroccan of the group with the red and black logo.

This deal will be financed by the Saham group’s equity, coming from “profits from investments made internationally”, Saham said in a statement.

A change of identity in perspective

Once finalized, the sale should give rise to a change in the visual identity of the bank which would completely distance itself from the French group. “The change in visual identity will not necessarily happen automatically on the day the closing is done, but if you are no longer part of the Société Générale group, the logo and name of the bank should naturally change in the long term.”, indicated the French group to As isthe day after the signing of the transfer agreement.

A transition period will also be observed, during which the Société Générale group undertakes to support the Saham group, which chose to take over the Moroccan subsidiary due to its ambition to develop in the banking and insurance business in Morocco. “The takeover project by the Saham group is an opportunity which would offer new development prospects to SGMB and its subsidiaries for the benefit of customers and employees.”, explained our interlocutor.

The two sides also established the foundation for a long-term business partnership. This partnership would notably offer corporate clients of Société Générale wishing to operate in Morocco the possibility of using Saham as a local banking partner of the French group in Morocco.



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