The Société Générale group announced this Friday, April 12, that it had signed a contract for 745 million euros to sell its shares in Société Générale Maroc to the Moroccan holding company Saham.
An operation worth 745 million euros. Société Générale Maroc indicated, this Friday, April 12, that the Saham insurance empire would “ thus take over all of the activities operated ” by the Moroccan subsidiary of the French bank as well as those of the insurance company La Marocaine Vie, which Société Générale held via its insurance subsidiary Sogecap, management said in a press release.
All employees will also be taken over by Saham, founded by the former Moroccan Minister of Industry, billionaire Moulay Hafid Elalamy, which specializes in offshoring and finance in the Maghreb and in Africa.
Disposals in Congo and Chad
The bank with the red and black logo is continuing its disengagement in Africa. In December and January, it sold two of its subsidiaries in Congo and Chad and is in the process of selling off its subsidiaries in Equatorial Guinea and Burkina Faso.
The Société Générale group, which has a long-standing presence in Africa, intends through these sales to ” shape a simplified, more synergistic and efficient model. ” It joins a movement initiated by other banking groups, such as Barclays or BNP Paribas, which had sold several of their African subsidiaries in recent years.
The strategy of simplification of the business portfolio is part of the strategic roadmap of Société Générale, whose net profit jumped to 2.5 billion euros in 2023. On Thursday, it announced that it had signed a sale protocol to the BPCE banking group for its capital goods financing activities for companies grouped within SGEF, for an amount of 1.1 billion euros.
