France’s Société Generale to sell its business in Morocco – media reports

France’s Société General plans to sell majority stakes in its Morocco banking activity to Saham, Moroccan media reported.

Saham, owned by former industry minister Moulay Hafid Alamy, had reached a deal to buy 57% stake in the French subsidiary bank, Le360 said in an exclusive.

The transaction to buy the fourth largest universal bank in Morocco is being examined by the central bank, it said.

The deal would mark the return of Saham to the financial sector after the company sold its insurance business in 2018 to South Africa’s Sanlam for $1 billion.

In 2022, the bank posted a turnover of 12 billion dollars and a net banking income of 520 million dollars. Its net profit stood at 120 million dollars.