Saham Group, a leading insurance service provider in Africa, founded by Moroccan billionaire Moulay Hafid Elalamy, has made a significant move towards expanding its operations with the acquisition of Societe Generale Marocaine de Banques and its subsidiaries, along with La Marocaine Vie, for €745 million ($793 million).
The acquisition, announced by French banking giant Societe Generale, marks a strategic shift for Saham Group as it absorbs all activities, client portfolios, and employees of the acquired entities. This move is aimed at further strengthening Saham’s position within the Moroccan market and the broader African financial services industry.
Slawomir Krupa, CEO of Societe Generale, praised the partnership as a pivotal moment in the group’s strategic evolution. Krupa expressed confidence in Saham’s ability to drive growth and create value for stakeholders. Societe Generale is committed to facilitating a smooth transition and nurturing a mutually beneficial relationship with Saham Group.
Financial implications and future prospects
While the acquisition is expected to have a positive impact on Societe Generale’s CET1 ratio, estimated at around 15 basis points upon completion, the first quarter of 2024 is projected to bear a negative accounting impact of approximately €75 million ($79.85 million) due to the transaction.
Beyond financial implications, the agreement sets the stage for long-term commercial partnerships between Société Générale and Saham, opening new avenues for business collaboration.
Elalamy: Architect of Saham’s growth
Moulay Hafid Elalamy, a titan of Moroccan business and former minister of industry, trade, investment, and the digital economy, has been instrumental in Saham’s growth. Elalamy’s decades-long track record of entrepreneurial acumen and strategic vision have propelled Saham Group to prominence, reshaping Morocco’s economic landscape.
Elalamy, with a net worth estimated at $620 million as of December 2015, ranks among Morocco’s wealthiest businessmen. His philanthropic endeavors have also had a notable impact, including a MAD20 million ($1.9 million) donation to the national earthquake relief effort via his Saham Foundation in September 2023.
