Morocco’s Saham to reportedly acquire Société Générale Maroc in landmark deal

Moroccan private holding Saham, founded and owned by former Industry Minister Moulay Hafid Elalamy, is reportedly in the process of acquiring a 57% majority stake in Société Générale Maroc, a national bank owned by Société Générale group in France.

According to exclusive information relayed by Moroccan newspaper Maroc Hebdo, the acquisition is estimated at 8 billion dirhams, around half of which would be paid directly by Saham. The remainder would reportedly be secured through a dedicated loan.

The operation has reportedly been the subject of negotiations over several months, the same source adds. It is also reported that American-French investment bank Lazard is accompanying the operation, which resulted in the signing of a memorandum of understanding between Saham and Société Générale France.

The operation remains, according to the same sources, to be approved by the national regulator Bank Al-Maghrib (BAM).

For the record, another French-owned bank in Morocco, namely Credit du Maroc was sold in December 2022 by Credit Agricole to Moroccan holding Holmarcom, owned by the Bensalah family.