Saham completes acquisition of Société Générale’s SGMB bank

Saham Group said it has completed the acquisition of the Moroccan subsidiary of French Société Générale SGMB and its insurance business, La Marocaine Vie.

Moulay Hafid Alamy has been appointed president of SSGMB following the sale.

Earlier this year, Société Générale announced the sale of its majority shares at 57% of SGMB to Saham.

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, SGMB was the fourth largest bank in Morocco with over 1 million clients and a turnover of 12 billion dollars. Its net banking income stood at 520 million dollars with a net profit of 120 million dollars.