Othman Benjelloun slams Saham for its $1.1 billion deal with South Africa

Moroccan billionaire and CEO of BMCE Bank of Africa, Othman Benjelloun is not pleased with the $1.1 billion deal South African insurance company Sanlam concluded with the Kingdom’s Saham.

Speaking to reporters, Tuesday, Benjelloun slammed the Moroccan insurance company for accepting the acquisition, citing the political positions of Pretoria which he see as «hostile» to Morocco, Bloomberg reports.

«We end up with a South African investor, owning a company that was Moroccan, on our own territory», argued the 88-year-old businessman. «We aren’t going to hide that we have not appreciated this gesture», he stressed.

Furthermore, Benjelloun referred to Pretoria’s «backing of the Polisario Front», indicating that «[he] will applaud the fact that Saham stays South African».

Such acquisition would be appreciated by Benjelloun, only if South Africa changes its position on the Western Sahara conflict, the same source pointed out. «Until they do, they are not getting our support», stated the billionaire.

For the record, Moroccan insurance company Saham was officially acquired by South Africa’s Sanlam on October the 11th, 2018, said the Moroccan firm in a statement sent to Yabiladi.

Sanlam announced, on the same day, that it had «fulfilled all conditions for the $1.1 billion purchase of the shares it doesn’t already own in Morocco’s Saham Finances SA after regulators approved the deal», Bloomberg reported.

«We are pleased to announce the conclusion of SAHAM finance acquisition», tweeted the South African firm, indicating that the operation is «transforming (Sanlam) into a leading financial services player in Africa».