Saham Group has finalised its EUR745m (4787m) acquisition of Société Générale's Moroccan insurance and banking subsidiaries.
Saham Group completed the acquisition of full ownership of La Marocaine Vie insurance company and a 57.67% stake in Société Générale Marocaine de Banques (SGMB). The deal was initially agreed upon in April 2024.
In a statement, Saham Finances said it has obtained all necessary regulatory approvals to finalise the acquisition in accordance with the terms and conditions signed on 11 April.
The deal marks a major comeback to the finance sector for Saham Group founder Moulay Hafid Elalamy, after his exit from the insurance industry in 2018 with the $1bn+ sale of Saham Assurance to South Africa’s Sanlam.