The Moroccan subsidiary of Société Générale officially comes under the control of the Saham group. This is what the magazine reports Young Africaspecifying that, seven months after the signing of this “deal of the year» at 745 million euros, Moulay Hafid Elalamy has just obtained the green light from Bank Al-Maghrib.
«Issued on November 1, the authorization was published in the official bulletin published on November 22. we read. After successively ceding its pole assurances for the benefit of the South African Sanlam and its participations in the customer relations juggernaut Majorel in the French Teleperformance, the businessman and former Moroccan minister is thus making his comeback in the banking sector.
«Fifth largest bank in the Kingdom with 6% to 7% market share of loans and deposits, Société Générale Maroc was the most profitable African subsidiary of the French bank, posting a consolidated net profit of 1.3 billion dirhams (123 million euros) in 2023“, underlines Young Africa.
Through this acquisition, the Saham group also gets its hands on nearly twenty subsidiaries and branches of the bank, including Eqdom, a consumer credit company listed on the Casablanca Stock Exchange, and the insurer La Marocaine Vie, which is listed in the top 10 in the sector in Morocco.
The arrival of Saham in the sector will strengthen competition between Moroccan banks, estimates a banking source in Morocco cited by the Pan-African magazine. A development which is part of the recent movement of withdrawal of French banks from the Kingdom, started with the purchase by Holmarcom of Crédit du Maroc (CDM) from the French Crédit Agricole.
«The governance of a local company is always more agile, faster, more flexible. recently explained Adil Douiri, boss of CFG Bank, also cited by Young Africa.
«We will end up with banks that operate in all customer segments, because, in general, the subsidiary banks of multinationals do not operate in all segments. They target, for example, customers with high assets or high income. Especially since they are not at home and do not fully know the local market», lit-on encore.
Société Générale Maroc could thus eat away at market share from the country’s majors, namely Attijariwafa bank, Banque Centrale Populaire (BCP) and Bank of Africa (BOA).
Par Walid Ayadi
11/24/2024 at 8:46 p.m.
