First Independent Mena Newspaper
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 […]
Head of Morocco’s BMCE Bank, the third largest bank in the country, criticized the sale of Saham insurance business to South Africa’s Sanlam as detrimental to Morocco’s interest. Speaking at a press conference, head of BMCE Othmane Benjeloun deplored the sale worth $1.1 billion on grounds that South Africa supports the Polisario separatists. “We end […]
South African financial services company has strengthened its foothold as Africa’s largest insurance firm with the completion of the $1.1 billion purchase of Morocco’s Saham Finances SA after regulators approved the deal. The acquisition, which was sealed on October 9 and has entered into force on October 11, will help Sanlam boost presence in 33 […]
The International Finance Corporation, a member of the World Bank Group, announced it is investing $50 million in Alliances Group, a leading Moroccan home builder, “to increase the supply of quality affordable housing, create jobs, and spark broader economic development.” The investment consists in the purchase of 3% of the Moroccan group’s shares for $25 […]