Official: The Saham group acquires the SGMB group and Marocaine Vie for EUR 745 million
The Société Générale group has signed two sales contracts with the Saham group, subject to the approval of the competent authorities, with a view to selling Société Générale Marocaine de Banques including its subsidiaries, and La Marocaine Vie. The two groups have also outlined the outlines of a long-term commercial partnership.
The Board of Directors of Societe Generale, meeting under the chairmanship of the of Lorenzo Bini Smaghi on 11 April 2024, approved the signature of these contracts which provide for the sale of the shares of the Societe Generale group (57.677%) in Société Générale Marocaine de Banques including subsidiaries its and the sale of all the shares held by Sogécap in the insurance company La Marocaine Vie.
The Saham Group would take over all the activities carried out by these subsidiaries and their client portfolios, as well as all the employees of these entities. This divestiture project is part of the implementation of Societe Generale’s strategic roadmap, presented in September 2023, which aims to shape a simplified, more synergistic and efficient model while the strengthening Group’s capital. The transaction would be EUR 745 million and will have an estimated positive effect of around 15 points on the Group’s CET1 ratio at the completion of the transaction, which could take place by the end of 2024.
The announcement of this agreement has led to a negative accounting impact of around EUR 75 million on the results of the first quarter of 2024 of the French Group, it was announced in a statement from the French group.
Societe Generale and Saham have also outlined the contours of a long-term business partnership that would allow Société Générale’s corporate clients operating in Morocco to use a banking partner locally. For the Saham Group, this partnership would offer its future major clients support solutions and funding provided by the experts of the Societe Generale group. Slawomir Krupa, Managing Director of the Societe Generale Group, commented: “Socie Generale continues to implement its strategic roadmap through this divestiture project. Societe Generale has built over the decades a solid and recognized bank in Morocco serving more than one million customers. We are confident that the quality of the Saham Group's takeover project will provide new development opportunities for these activities and will create value for clients and employees.
Société Générale is fully committed to supporting the transition and is delighted to establish a long-term partnership with the Saham Group. The transaction shall be subject to the usual conditions and in particular the approval of the competent regulatory authorities.