Written by 11:59 am Economy

Elalamy eyes majority stake in Société Générale Maroc, shifts control from France to Morocco

Spread the love


Elalamy eyes majority stake in Société Générale Maroc, shifts control from France to Morocco

Hespress ENThursday 7 March 2024 – 22:59

Head of private investment company Saham Group, Moulay Hafid Elalamy is reportedly close to acquiring a controlling interest in Société Générale Maroc, a move that would shift control of a major bank from French to Moroccan ownership.

Société Générale de France currently holds a 57% stake in its Moroccan subsidiary, and the buyout would amount to a total value of 8 billion dirhams.

Saham is expected to directly pay half the amount, with the remaining sum secured through bank loans.

Sources familiar with the negotiations suggest that Société Générale’s potential African exit likely factored into the discussions and may have accelerated the process. The investment bank Lazard is facilitating the negotiations between Saham and Société Générale.

If the deal goes through, Saham would become the majority shareholder of Société Générale Maroc. This follows a similar trend where another Moroccan company, Holmarcom, recently acquired a majority stake in Crédit du Maroc.

Sources familiar with the negotiations who spoke to Hespress AR suggested that the agreement is imminent, pending approval from Moroccan financial authorities, including the central bank.

Moroccan banks

Visited 3 times, 1 visit(s) today

Spread the love
Étiquettes : , , , , , , , , , , Last modified: mars 9, 2024
Close Search Window
Close