Société Générale Sells Moroccan Units to Saham Group for €745 Million
Société Générale announced on Friday, April 12 the sale of its Moroccan subsidiaries, Société Générale Marocaine de Banques (SGMB) and La Marocaine Vie, to the Saham group for a total amount of 745 million euros. This operation is part of a strategy to refocus the French group on its most profitable activities.
This divestment is part of the desire of Société Générale CEO Slawomir Krupa to rationalize the group’s activities and focus on the most value-generating segments. Indeed, the French bank is seeking to improve its operational efficiency and free up resources to finance its long-term growth.
The sale of Société Générale Marocaine de Banques, in which Société Générale held 57.67% of the capital, also includes all of its subsidiaries. In addition, the stake in La Marocaine Vie, held by Sogecap, Société Générale’s life insurance and savings arm, will also be divested.
However, the agreement should have a negative accounting impact of around 75 million euros on Société Générale’s first-quarter 2024 results. This cost is related to the divestment costs and adjustments to the value of the divested assets. The finalization of the transaction is expected by the end of 2024, subject to obtaining the necessary regulatory approvals.
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