Moroccan Saham Group Eyes Expansion: Targets Société Générale’s African Banking Network

Saham Finances, which would be in negotiations for the acquisition of 57% of the capital of Société Générale du Maroc, the fifth largest bank on the Moroccan market, for 8 billion dirhams, is increasing its appetite. Moulay Hafid Elalamy (MHE), CEO of the Moroccan group "would also target certain sub-Saharan African subsidiaries of the French banking group," believes Challenge, adding that "he would also have entered into negotiations to take over in Côte d’Ivoire, Senegal, Benin and Togo," according to a source generally well informed about the banking microcosm in sub-Saharan Africa.

And to explain: "It is rather a mega operation that the Moroccan group would envisage carrying out which should allow it to take control of these four banks in four West African countries. A master stroke. It is the least we can say to qualify this planned operation, because through it, Saham wants to take advantage of the French bank’s disengagement from sub-Saharan Africa to develop rapidly internationally. The operation is not yet finalized, however." In the event of the success of this operation in West Africa, Saham Holding would take control of a banking network representing nearly 160 branches (Côte d’Ivoire-90 branches, Senegal - 52, Benin-16 and Togo-2 branches).

Active in 17 African countries, Société générale has been reducing its sails for several months. It has reached an agreement with two pan-African banking groups to sell its subsidiaries in Congo, Equatorial Guinea, Mauritania and Chad, and could soon leave Tunisia. The two pan-African banking groups Vista and Coris Group, led respectively by the Burkinabe bankers Simon Tiemtoré and Idrissa Nassa, "would take over all the activities operated by Société générale in Congo, Equatorial Guinea, Mauritania and Chad, as well as the entire customer portfolios and all the employees within these entities," a bank press release developed in June 2023.

To read: Moroccan Banking Giant Attijariwafa Eyes Acquisition of Société Générale’s Tunisian Subsidiary

These disengagements of the French bank in Africa come after those of several French (BNP Paribas, Crédit agricole, BPCE) and British (Barclays and Standard Chartered) banking groups.