Following the approval of the Competition Council for the acquisition of 57.67% of the shares held by Société Générale France, Moulay Hafid Elalamy is preparing to take exclusive control of Société Générale Marocaine de Banques (SGMB).
Moulay Hafid Elalamy (MHE) is just a few steps away from taking exclusive control of Société Générale Marocaine de Banques (SGMB). The founder and chairman of Saham Finances has just received the green light from the Competition Council for the purchase of the 57.67% held by Société Générale France in the share capital and associated voting rights of SGMB.
The OK from the guarantor of compliance with competition law in Morocco also extends to the acquisition by Saham Horizon of 50.98% of the share capital and voting rights of La Marocaine Vie.
This is, for the holding company of the former Minister of Industry, the first step in the process of authorizations for the acquisition of the Moroccan subsidiaries of the Société Générale France group. All that remains is the validations of the banking and insurance regulators (Bank Al-Maghrib and ACAPS) to close the transaction. A transaction whose amount is around 8 billion dirhams.
Société Générale Maroc, a key player
In 2023, Société Générale Maroc recorded a net banking income of 4.8 billion dirhams, confirming its solid position in the market. Its net income stood at 1.3 billion dirhams, reflecting efficient management. The growth of customer loans reached 94 billion dirhams, demonstrating the continued confidence of customers and a successful development strategy. With more than 400 branches and a range of diversified services, the bank remains a key player for individuals and businesses. Created in 1978, Marocaine Vie is a key player in the field of life insurance.
In 2023, the company posted a turnover of 1.5 billion dirhams, up from the previous year, and manages assets of 10 billion dirhams. The acquisition of 50.98% of its shares by Saham Horizon marks a strategic return of MHE in the sector, strengthening its position and underlining its desire to reaffirm its influence in this field. The acquisition by MHE is significant for the Moroccan financial market. It reflects a trend towards the consolidation and expansion of local companies in the financial sector.
In addition, this transaction could stimulate competition and innovation, benefiting consumers and the Moroccan economy as a whole. With the approval of the Competition Council, attention now turns to Bank Al-Maghrib and the Insurance and Social Security Supervisory Authority (ACAPS) for final validations. These approvals will be crucial to finalizing a transaction that could redefine the banking landscape.
Sami Nemli / ECO Inspirations
