It's official: Saham Finances has concluded the acquisition of 57.67% of the capital of Société Générale Marocaine de Banques (SGMB) and La Marocaine Vie from Société Générale SA This transaction, announced on Tuesday, December 3, follows obtaining all necessary regulatory authorizations.
The agreement, signed in April 2024, concerns an amount of 745 million euros (around 8 billion dirhams). This sum allows the Saham group to take control of all of Société Générale Maroc's activities as well as those of its insurance subsidiary, La Marocaine Vie, formerly owned by Sogécap.
In addition, Saham Finances plans to launch, with SGMB and Investima, a public purchase offer for Eqdom shares. In a press release, the group expressed its satisfaction at the idea of supporting SGMB and its subsidiaries to better meet the needs of their customers.
This buyout also marks the return of Moulay Hafid Elalamy to the financial sector, after his withdrawal in 2018. At the time, he sold Saham Assurance to the South African Sanlam for an amount exceeding a billion dollars.
