In Morocco, Saham Finances recently received regulatory approval to complete the acquisition of Société Générale Marocaine de Banques, marking a significant step in the local financial landscape.
The transaction, which was approved by the Moroccan Competition Council at a recent meeting chaired by Ahmed Rahhou, will see Saham Finances acquire a 57 percent majority stake in the bank’s capital and voting rights.
At the same time, Saham Horizon, another company in the group, was given the go-ahead to acquire a 50.98 percent stake in La Marocaine Vie, a major insurer in the country. These transactions represent a value of more than 8 billion dirhams (approximately $800 million) and consolidate Saham Finances’ growing presence and influence on the Moroccan financial market.
This acquisition also marks the strategic withdrawal of Société Générale France from the Moroccan banking sector. Under the leadership of its new CEO, Slawomir Krupa, the French group has been gradually divesting its assets in Africa since 2023, focusing on the sale of subsidiaries it considers “unprofitable.” Since June 2023, Societe Generale has announced the sale of its subsidiaries in several African countries, including Congo, Equatorial Guinea, Mauritania and Chad.
At the end of 2023, the subsidiaries in Congo and Chad were sold, followed in April 2024 by the sale of the banking and insurance activities in Morocco to Saham for €745 million. Despite these divestments, Societe Generale remains active in 13 other African countries, including Cote d’Ivoire, Cameroon and Senegal.
In addition to these divestments, Société Générale also announced in April 2024 the sale of its subsidiary Société Générale Equipment Finance (SGEF), which specialises in industrial equipment leasing, to BPCE for €1.1 billion.
Societe Generale’s strategic withdrawal from several African markets was analysed by the US rating agency Fitch in a report published in April this year. According to Fitch, this retreat by French banks creates significant space for emerging pan-African financial institutions to grow, either organically or through mergers and acquisitions. While this process may present challenges in the short term, Fitch believes it will stimulate competition and benefit local banking sectors in the long term.
Saham Finances’ acquisition of Société Générale not only marks an important turning point for the Saham Group, but also reflects the strategic adjustments underway in the African financial landscape, where the moves of large institutions such as Société Générale France are creating new opportunities and challenges for regional and international players.
MN/ac/lb/as/APA