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The governor of Morocco’s central bank has commented on the potential sale of the majority stake in Société Générale Maroc. «The banking law is very clear», Abdellatif Jouahri said during a press briefing held Tuesday.
«If there is a change in the shareholding structure and a new majority shareholder, they must apply for a new license», he added, referring to reports on Moroccan private holding Saham’s plan to purchase 57% stake of the French bank’s assets in Morocco.
Jouahri did not explicitly mention Saham as a potential buyer but acknowledged that he had received the managing director of Société Générale group from France and discussed a potential sale of the bank’s majority stake in Morocco.
«As the regulator, I can only greenlight the sale after studying the project in its entirety. This includes the long-term vision, the business plan and the added value provided by the new buyer», he argued.
«And we must make sure that the operation will be both fruitful for the bank and the government», he told reporters.
Earlier in March, Moroccan media reported that Saham, owned by former Industry Minister Moulay Hafid Elalamy, is reportedly in the process of acquiring a 57% majority stake in Société Générale Maroc.
According to reports, the acquisition is estimated at 8 billion dirhams, around half of which would be paid out directly by Saham. The remainder would reportedly be secured through a dedicated loan. At the time, reports quoting well-informed sources, suggested that the operation is still pending Bank Al-Maghrib approval.
This is not the first operation of its kind in the Kingdom, another French-owned bank in Morocco, namely Crédit du Maroc was sold in December 2022 by Crédit Agricole to Moroccan holding Holmarcom, owned by the Bensalah family.
