Subsidiary of French bank Société Générale has officially rebranded to Saham Bank,six months after Saham Group completed the acquisition.
Société Général sold its Moroccan bank and its insurance subsidiary to Saham Group in 2024,worth 745 million euros.
The transaction,which involved the acquisition of 57.67% of SGMB’s capital and voting rights,was first agreed upon in April 2024 and reached financial closing in December of the same year.
This strategic move marks a significant shift in Morocco’s banking landscape,as one of the country’s oldest foreign banking institutions fully transitions to Moroccan ownership.
The bank unveiled its new visual identity on June 18 with the new bank owners promising to modernize the bank’s image and services and align it with its broader financial services strategy
Bank officials told journalists they plan to focus on the Moroccan market improving their digital offer and market share.
Journalists asked questions about a potential IPO to raise capital. The Bank’s new board chairman El Yacoubi said it was not a priority for the bank.
United News - unews.co.za