Moroccan Banking Tycoon Opposes Saham Sale to South African Firm Over Sahara Dispute

Speaking on behalf of Moroccans about this "affair" concluded by Moulay Hafid Alami (current Minister of Industry), the CEO of BMCE-Bank of Africa, Othman Benjelloun, stated: "Moroccans in general did not appreciate this sale". Because for Benjelloun, South Africa is the African country "that is most associated with the actions of the Polisario".

Far from just words, Othman Benjelloun says that no collaboration is possible between Saham Assurances and BMCE-Bank of Africa. The latter stated, according to Telquel: "Maybe the government of South Africa will recognize Morocco’s sovereignty over the Sahara. At that time, we will applaud for Saham to remain South African. Until then, they do not have our support".

And here is Othman Benjelloun bringing a special philosophy -or rather an ethic- to the business world, when he further says: "a banking, insurance or industrial company like OCP or other, these are companies that belong to all Moroccans, we have no right to cede them, sell them or give them to foreigners". For him, it is intolerable that investors from such a country hostile to Morocco should be "owners of a Moroccan company located on our territory".

The Moroccan website Leboursier writes on this subject: "A blow for MHE (EDITOR’S NOTE: Moulay Hafid Elalamy, former owner of Saham) who has always considered Othman Benjelloun as his mentor, and who justified the sale of Saham Assurances by his desire to use the money to create a pan-African investment fund and strengthen economic relations with South Africa in the interest of Morocco".

Let’s note in passing that Othman Benjelloun’s group has just announced "the upcoming entry of an international investor into the capital of BMCE Bank to the tune of $200 million, or the equivalent of 2 billion dirhams". We can now assume that this is not a South African investor.