The French banking group Société Générale announced on Friday that it has sold its shares in Société Générale Maroc to Moroccan holding company Saham for 745 million euros, the company said in a press release.
Saham will now take over all the operations previously managed by Société Générale Maroc, including those of the insurance company La Marocaine Vie, formerly held by Société Générale through its insurance subsidiary Sogecap.
All employees will be transferred to Saham, a company founded by former Moroccan Minister of Industry, billionaire Moulay Hafid Elalamy, according to AFP.
In December and January, Société Générale sold two subsidiaries in Congo and Chad, and it is currently in the process of selling its subsidiaries in Equatorial Guinea and Burkina Faso.
The company has been following the lead of other banking groups such as Barclays and BNP Paribas, which have sold several of their African subsidiaries in recent years.
“The portfolio simplification strategy aligns with Société Générale’s strategic roadmap,” according to the press release. The net profit of the French company surged to 2.5 billion euros in 2023.
On Thursday, Société Générale announced that it had signed a sales agreement with the banking group BPCE for its equipment financing activities under SGEF, totaling 1.1 billion euros.
“Saham is part of the direction outlined by King Mohammed VI, whose successive strategies are encouraging Moroccan entrepreneurs to invest more in the Kingdom’s economy. This acquisition will be funded by the Saham Group’s equity, derived from profits generated by international investments,” Head of the Saham Group Moulay Hafid Elalamy said.