November 1st 2024, Bank Al-Maghrib issued the green light for the repurchase of 57.67% of the capital of Société Générale Maroc par Finance sharesa strategic operation aimed at consolidating the presence of the latter in the Moroccan banking sector. The authorization, published in the Official Bulletin of November 14, paves the way for an imminent transfer of control and the takeover by the teams of Moulay Hafid Elalamy.
The operation concerns 57.67% of the capital of Société Générale Maroc, currently held by Société Générale (SG France). Through this majority stake, Saham Finances acquires indirectly control of the 99.99% held by SG France in its Moroccan subsidiary Sogelease Moroccoa subsidiary specializing in leasing. At the same time, the operation also includes Eqdom et SG Offshore. The renewed accreditations granted by Bank Al-Maghrib allow these entities to continue their activities under the new shareholding.
For Saham Finances, this acquisition marks a major step in its diversification and expansion beyond its core historical activities in insurance and financial services. With this acquisition, the group aims to strengthen its competitiveness and develop new synergies within the Moroccan banking sector.
The closing of the operation, expected soon, will formalize the definitive transfer of shares and the passage under the fold of Saham Finances, thus consolidating its positioning among the influential players in the Moroccan financial landscape.
Morocco
