In an official statement, the Société Générale group has announced that it has signed two sales contracts with the Saham group, subject to approval by the competent authorities, to sell Société Générale Marocaine de Banques including its subsidiaries, and La Marocaine Vie. The two groups have also outlined the terms of a long-term commercial partnership.
Meeting under the chairmanship of Lorenzo Bini Smaghi on April 11, 2024, the Board of Directors of Société Générale approved the signing of these contracts, which provide for the sale of Société Générale’s shares (57.67%) in Société Générale Marocaine de Banques including its subsidiaries, and the sale of all the shares held by Sogécap in the insurance company La Marocaine Vie.
« The Saham group would thus take over all the activities carried out by these subsidiaries and their client portfolios, as well as all the employees of these entities, » the same source said.
This divestiture project is part of the execution of Société Générale’s strategic roadmap, presented in September 2023, which aims to shape a simplified, more synergistic, and efficient model while strengthening the Group’s capital. The transaction would be made at a price of 745 million euros and is estimated to have a positive effect of about 15 basis points on the Group’s CET1 ratio at the completion of the operation, which could take place by the end of 2024. The announcement of this agreement has a negative accounting impact of approximately -75 million euros on the Group’s results for the first quarter of 2024.
« Société Générale continues to implement its strategic roadmap through this divestiture project. Société Générale has built, over the decades, a solid and recognized bank in Morocco serving more than a million clients, » said Slawomir Krupa, CEO of the Société Générale group, on this occasion, adding: « We are convinced that the quality of the takeover project by the Saham group will offer new development perspectives for these activities and will create value for clients and employees. »
« Société Générale is fully committed to supporting the transition and delighted to establish a long-term partnership with the Saham Group, » he continued.
Société Générale and Saham have also outlined the terms of a long-term commercial partnership that would allow Société Générale’s corporate clients operating in Morocco to use a local banking partner.
For the Saham group, this partnership would offer its future major clients support and financing solutions provided by the experts of the Société Générale group.
It should be noted that the transaction is subject to customary suspensive conditions, including approval by the competent regulatory authorities.
