Banking group Societe Generale SA has agreed to sell its Moroccan business to Moroccan private holding Saham, founded and owned by former Industry Minister Moulay Hafid Elalamy. The deal, estimated at €745 million, will see Societe Generale SA sell its stake in Societe Generale Marocaine de Banques, its subsidiaries, and stakes in insurance firm La Marocaine Vie, according to a statement by Dociete Generale on Friday. «Société Générale continues to implement its strategic roadmap through this sale project. We have built a solid and recognized bank in Morocco serving over one million customers for decades», said Slawomir Krupa, Chief Executive Officer of Société Générale Group. «We are confident that the Saham Group's proposed takeover will open up new development prospects for these activities, creating value for both customers and employees. Société Générale remains fully committed to supporting a smooth transition and is delighted to establish a long-term partnership with the Saham Group», he added. The acquisition is expected to conclude by the end of 2024. For the record, another French-owned bank in Morocco, Credit du Maroc, was sold in December 2022 by Credit Agricole to Moroccan holding Holmarcom, owned by the Bensalah family.
