Assahafa.com
Saham Group announced today that it has completed the acquisition of a 57.67% stake in Société Générale Marocaine de Banques (SGMB) and full ownership of La Marocaine Vie insurance company from France’s Société Générale S.A. The deal, valued at €745 million (approximately MAD 8 billion), was initially agreed upon in April.
In a statement, Saham Finances said it has obtained all necessary regulatory approvals to finalize the acquisition in accordance with the terms signed on April 11. Following the transaction, Saham Finances plans to partner with SGMB and Investima to launch a tender offer for the shares of consumer credit company Eqdom.
“Saham Finances has finalized the acquisition of 57.67% of the share capital and voting rights of Société Générale Marocaine de Banques and La Marocaine Vie from Société Générale S.A., in line with the agreements signed on April 11, 2024,” the Saham Group communiqué stated.
The Moroccan group expressed its delight at completing this acquisition and having the opportunity to support SGMB and its subsidiaries in better serving their clients going forward.
The deal marks a major comeback to the finance sector for Saham Group founder Moulay Hafid Elalamy, after his exit from the insurance industry in 2018 with the $1 billion+ sale of Saham Assurance to South Africa’s Sanlam.
Under the terms of the agreement, Saham has acquired Société Générale’s entire stake in its Moroccan banking unit SGMB, including all subsidiaries, as well as Sogécap’s holdings in La Marocaine Vie insurance firm.
For Société Générale, the divestment aligns with the French banking giant’s strategic roadmap, unveiled in September 2023, to simplify and strengthen its operating model. The sale is expected to have a positive impact of around 15 basis points on the Group’s CET1 ratio upon closing.
Bank Al-Maghrib, Morocco’s central bank, gave its seal of approval for Saham’s takeover on November 1, following months of anticipation after Elalamy’s group submitted its licensing application. The official authorization was subsequently published in the November 22 edition of the Official Bulletin.
Source: Morocco word news
