Former Minister Moulay Hafid Elalamy Nears Acquisition of “Société Générale” Morocco
Former Minister Moulay Hafid Elalamy on the Verge of Acquiring “Société Générale Maroc”
In a significant development in the Moroccan business world, Saham Group, led by former Minister Moulay Hafid Elalamy, is close to finalizing a major acquisition. The group is just one step away from securing final approval from Bank Al-Maghrib, Morocco’s central bank, to acquire the Moroccan subsidiary of French banking giant Société Générale.
This potential acquisition marks a pivotal moment for both Saham Group and the Moroccan financial landscape. Saham, known for its diverse portfolio spanning insurance, healthcare, and real estate, would be entering the banking sector with a bang. This move aligns with the trend of consolidation in the African banking sector, driven by factors like increased competition and the need for greater scale.
Société Générale’s decision to potentially exit the Moroccan market comes amidst a broader strategic review of its operations in Africa. The bank has already initiated similar exits in other countries, including Egypt and South Africa, as it refocuses on core markets.
The acquisition, if approved, would be a testament to Saham Group’s ambition and Elalamy’s business acumen. Elalamy, a prominent figure in Moroccan business and politics, served as the Minister of Industry, Trade, Investment, and the Digital Economy from 2013 to 2021. His leadership has been instrumental in Saham’s growth and diversification over the years.
This development has sparked considerable interest in the Moroccan business community, with many speculating about the potential impact on the banking sector. Some analysts believe that this acquisition could lead to increased competition and innovation, ultimately benefiting consumers. Others are closely watching how this move might influence foreign investment in Morocco’s financial sector.
The final decision from Bank Al-Maghrib is eagerly awaited, as it will determine the future of Société Générale Maroc and shape the next chapter for Saham Group.
