Moroccan insurance company Saham Group acquires Societe Generale Maroc and subsidiaries, along with La Marocaine Vie, for 745 million euros ($790.7 million), marking a significant shift in the Moroccan financial landscape. The French banking giant Societe Generale's divestment signifies a strategic repositioning, with Saham absorbing all activities and employees, aligning with Societe Generale's strategic roadmap to simplify operations. The deal sets the stage for a long-term commercial partnership between Societe Generale and Saham, promising new avenues for business collaboration and reshaping Morocco's economic trajectory.
Saham Group's ambitious expansion underscores a strategic vision to reshape the country's financial landscape. With regulatory approval pending, both Societe Generale and Saham are poised for a new chapter, shaping the future of Morocco's financial landscape.