Moulay Hafid Elalamy, the owner of one of Morocco’s largest investment groups, the Saham Group, has acquired Societe Generale Marocaine de Banques (SGMB) and its insurance arm La Marocaine Vie from Societe Generale S.A, according to a statement from the company on Wednesday.
Valued at EUR 745 million (around MAD 8 billion), the deal marks Elalamy’s return to the financial sector after a five-year hiatus.
The acquisition gives Saham Group a 57.67% stake in SGMB and La Marocaine Vie, solidifying its foothold in Morocco’s banking and insurance markets. Saham secured all regulatory approvals necessary to complete the transaction, as stated in a statement from the company released on Tuesday.
The group plans to launch a public tender offer for the shares of Eqdom, SGMB’s consumer credit subsidiary, in partnership with SGMB and Investima.
This acquisition signals a strategic pivot for Elalamy, who exited the insurance industry in 2018 after selling Saham Assurance to South Africa’s Sanlam for over USD 1 billion. The deal represents his re-entry into the financial world with a clear vision to expand and strengthen Saham’s influence in Morocco’s financial sector.
The transaction transfers Societe Generale’s Moroccan banking operations and its insurance arm, La Marocaine Vie, previously held via Sogecap, to Saham.