Société Générale becomes Saham Bank in Morocco
Société Générale Marocaine de Banques (SGMB) has become Saham Bank following its acquisition six months ago by Saham Group in a deal valued at around 745 million euros.
The former Moroccan subsidiary of the French banking group Société Générale was integrated into Saham Group to embark on a new phase focused on progress, innovation and the banking of the future within the Moroccan banking landscape, while also building on decades of experience within the French parent company Société Générale. After months of acquisition negotiations, the brand change to Saham Bank is now complete.
The new phase is currently yielding good results on paper. Net income rose by 16.97% in the first quarter of 2025, reaching 420 million dirhams (40 million euros).
Saham Bank was officially launched on 18 June in Casablanca with a management team already in place. The Supervisory Board is chaired by Moulay Hafid Elalamy, founder of the Saham Group, supported by Moulay M'Hamed Elalamy as vice-chairman. The Board of Directors continues to be chaired by Ahmed El Yacoubi, whose team remains unchanged. The management structure remains largely unchanged, demonstrating the confidence placed in it for the work carried out to date, with a view to implementing the innovations and banking features to be applied by Saham Group.
The new guidelines provided by Saham Group for the recently created Saham Bank include the renewal of customer journeys to improve clarity and efficiency, the launch of offers focused on added value and impact, and an evolution of the management culture, now focused on initiative, collective performance and regional roots.
Saham Bank is thus committed to an approach that is resolutely focused on active listening and the specific needs of its customers. It is also committed to social responsibility, with a focus on financial inclusion, sustainability and local engagement. This new positioning is in line with the current era of progress and national modernisation in Morocco.
Saham Bank's new direction combines the tradition and continuity inherited from Société Générale with the renewal and innovation of the Saham Group, with a new banking image and an attractive, customer-focused and efficient style for its customers in Morocco. Saham Bank's new identity reflects the same balance between continuity and renewal. The challenge now is to offer an attractive range of products and services to the bank's current and potential customers in order to differentiate itself from the competition and become more competitive in this sector.
According to Ahmed El Yacoubi, ‘the merger of the century-old tradition of a solid banking institution and the innovative drive of a pioneering group has resulted in a unique vision driven by five core values: excellence, commitment, customer focus, innovation and responsibility’.
Major transaction
The acquisition by Saham Group came after it acquired 57.67% of SGMB and its insurance subsidiary, La Marocaine Vie, which were wholly owned by the French banking group Société Générale. The transaction, valued at 745 million euros, was completed in December 2024. Saham Group assumed full control of SGMB's banking operations, customer base, strategic partnerships and insurance unit.
The Bank Al-Maghrib (Central Bank of Morocco) gave the green light to the transaction as the regulatory body on 1 November 2024. Final approval was published in the Official Gazette on 14 November, paving the way for Saham Group to take ownership.
Saham Group established a mixed financing arrangement, with half of the acquisition carried out using internal resources and the remainder through pre-arranged bank loans.
