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The Competition Council has given its authorization to the merger between the Saham group and Société Générale Marocaine des Banques.
The decision was taken by the Regulator following a meeting of its permanent commission held on June 24, 2024.
The validated reconciliation in question covers two merger operations:
-The taking by the company “Saham Finances SA” of exclusive control of the “Société Générale Marocaine de Banques SA” through the acquisition of 57.67% of its share capital and associated voting rights;
-The acquisition of exclusive control by the company “Saham Horizon SA” of the company “La Marocaine Vie SA” through the acquisition of 50.98% of its share capital and its voting rights.
The parties are awaiting approval from other regulators, this time sectoral, before definitively consummating the merger. The file has notably been submitted to Bank Al-Maghrib, which must decide whether or not to grant “approval”. The intervention of ACAPS is also requested on the insurance aspect of the transaction.
In these cases, the Moulay Hafid Elalamy group is accompanied by Naciri & associés, Moroccan representative of the international firm Allen Overy. The firm is headed by Me Hicham Naciri, lawyer at the Casablanca and Paris bars.
For its part, Société Générale is assisted by Norton Rose Fullbrigh, another internationally renowned firm. Established in Casablanca since 2011, the Moroccan branch is led by Me Alain Malek.
Saham / Société Générale Maroc: going through the obligatory Competition Council box
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