Société Générale informs Central Bank of its decision to leave Morocco

French bank, Société Générale, has informed Morocco’s Central Bank of its intention to leave the country, as part of a plan to withdraw from the African continent, Central Bank governor Abdellatif Jouahri said.

Moroccan media has reported over the past few days that the French bank was planning to sell its Morocco branch to Saham group, owned by former industry minister Moulay Hafid Alamy. But neither Société Général nor Saham confirmed the news.

Jouahri did not offer details on whether Saham was planning to buy the French bank branch, but said that any acquirer should have a permit from the Central Bank that makes sure the transaction is profitable both for the bank and for the Moroccan banking system.

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, Société Générale was the fourth largest bank in Morocco with a turnover of 12 billion dollars and a net banking income of 520 million dollars. Its net profit stood at 120 million dollars.