Societe Generale Morocco to Undergo Major Changes

Societe Generale Morocco is undergoing major changes. The bank's operations will be significantly impacted by these changes.

The bank's transformation plan aims to improve its efficiency and competitiveness. This includes the adoption of new technologies and the optimization of its branch network.

A key aspect of the transformation plan is the reduction of the bank's branch network. This will involve the closure of some branches and the consolidation of others. The bank aims to reduce its branch network by 20% over the next two years.

The bank's transformation plan also includes the introduction of new digital banking services. This will enable customers to manage their accounts and conduct transactions online.

Saham Finances recently received regulatory approval to complete the acquisition of Société Générale Marocaine de Banques.

The Moroccan Competition Council gave the go-ahead for the transaction, which will see Saham Finances acquire a 57 percent majority stake in the bank's capital and voting rights.

This acquisition represents a significant step in the local financial landscape and marks the strategic withdrawal of Société Générale France from the Moroccan banking sector.

The transaction is valued at more than 8 billion dirhams, approximately $800 million, and consolidates Saham Finances' growing presence and influence on the Moroccan financial market.

Société Générale France has been gradually divesting its assets in Africa since 2023, focusing on the sale of subsidiaries it considers "unprofitable".

The French group has announced the sale of its subsidiaries in several African countries, including Congo, Equatorial Guinea, Mauritania, and Chad.

Saham Finances' acquisition of Société Générale not only marks an important turning point for the Saham Group but also reflects the strategic adjustments underway in the African financial landscape.

Société Générale remains active in 13 other African countries, including Cote d'Ivoire, Cameroon, and Senegal.

The acquisition is a significant milestone for Saham Finances and is expected to have a major impact on the Moroccan financial market.

The Saham Group, owned by former industry minister Moulay Hafid Alamy, is expected to take over as majority stakeholder in the bank following the transaction.

This transaction is reflective of the engagement of Moroccan investors in boosting the national economy, Alamy was quoted as saying following the signing ceremony.

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