After it was criticized by Moroccan billionaire Othman Benjelloun for its $1.1 billion deal with Saham, South African insurance company Sanlam said that it «is confident about the strength and sustainability of its partnership with», the Moroccan firm. In a statement relayed by Fin24, Thursday, Sanlam stressed that it «has been made aware of media reports referring to Mr. Othman Benjelloun's comments about Sanlam's acquisition of Saham Finances and other matters». Indeed, the CEO of BMCE Bank of Africa slammed the Moroccan insurance company for accepting the acquisition, citing the political positions of Pretoria which he sees as «hostile» to Morocco. «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. Replying to Benjelloun's comments, Sanlam stressed that its «Finances' board, Sanam (Sanlam's partner in Morocco), the executive team and staff are fully supportive of the partnership and [their] efforts to build a Pan African insurance group». 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».
