It is now official: Société Générale Maroc gives way to Saham Bank. The announcement was made on June 18, 2025 in Casablanca, during a press conference chaired by Ahmed Yacoubi, chairman of the bank’s management board. This new name marks the completion of the acquisition of the Moroccan subsidiary of Société Générale by the Saham group, led by businessman Moulay Hafid Elalamy.
Authorized by Bank Al-Maghrib in November 2024, the acquisition was concluded for an amount of 745 million euros. With this acquisition, Saham takes control of the majority of the bank’s capital, initiating a process of total “Moroccanization” of the former SGMB. In line with this strategy, several digital tools and internal processes have been disconnected from the Société Générale group, confirming the desire for operational autonomy.
For Moulay Hafid Elalamy, this banking shift is part of a strategy to reposition the group after selling its insurance division to South African Sanlam for nearly a billion dollars. With this disinvestment operation, the businessman embarks on a new trajectory: that of a universal bank with a strong Moroccan identity, with clear regional ambitions.
While his attempts to acquire Société Générale subsidiaries in Mauritania and Ivory Coast have not yet succeeded, well-informed sources mention his growing interest in the BMCE Bank of Africa group. For now, Saham is consolidating its presence in Morocco with a strategy that combines heritage, independence, and continental projection.
With Saham Bank, Moulay Hafid Elalamy has a powerful banking vehicle, capable of carrying out his African ambitions. The question now is where and when the continental expansion will materialize.
