Saham Group, a leading African insurance service provider founded by Moroccan billionaire Moulay Hafid Elalamy, has taken a significant step toward expanding its operations by acquiring Societe Generale Marocaine de Banques and its subsidiaries, as well as La Marocaine Vie, for €745 million ($793 million).
The transaction, announced by French banking giant Societe Generale, represents a strategic shift for Saham Group, as it incorporates all activities, client portfolios, and staff from the acquired firms. This action aims to boost Saham’s position in the Moroccan market and the broader African financial services industry.
Slawomir Krupa, CEO of Societe Generale, described the collaboration as a watershed point in the company’s strategic development. Krupa expressed confidence in Saham’s ability to drive growth and generate value for stakeholders. Societe Generale is committed to ensuring a smooth transition and developing a mutually beneficial relationship with the Saham Group.
While the acquisition is likely to improve Societe Generale’s CET1 ratio by around 15 basis points once completed, the deal is expected to have a negative accounting impact of around €75 million ($79.85 million) in the first quarter of 2024.
Aside from financial ramifications, the deal paves the way for long-term commercial collaborations between Société Générale and Saham, creating new opportunities for corporate collaboration.
Moulay Hafid Elalamy, a Moroccan business titan and former minister of industry, trade, investment, and the digital economy, had a key role in Saham’s success. Elalamy’s decades of entrepreneurial experience and strategic vision pushed Saham Group to prominence, altering Morocco’s economic landscape.
Elalamy, estimated to be worth $620 million in December 2015, is one of Morocco’s wealthiest businessmen. In September 2023, he donated MAD20 million ($1.9 million) to the national earthquake recovery effort through his Saham Foundation, demonstrating his significant philanthropic efforts.