Saham Group has officially rebranded Société Général Marocaine de Banques (SGMB) as Saham Bank, marking a new chapter for the institution six months after its acquisition.
The rebranding was unveiled Wednesday during a press conference in Casablanca, attended by Ahmed El Yacoubi, Chairman of the Board, along with members of the executive team. The event included a presentation of the bank’s new identity, strategic vision, and future roadmap.
The move follows Saham Finances’ acquisition of a 57.67% stake in SGMB and its insurance subsidiary, La Marocaine Vie, from French banking giant Société Générale. Valued at 8 billion dirhams (approximately 745 million euros), the deal was finalized in December 2024, signaling Saham’s ambition to expand and diversify its financial services portfolio.
Under agreements signed April 11, 2024, Saham Finances assumed full control of SGMB’s banking operations, customer base, strategic partnerships, and its insurance unit—previously held by Société Générale’s insurance branch, Sogécap.
Regulatory approval was granted on Nov. 1, 2024, by Morocco’s central bank, Bank Al-Maghrib, following a September announcement by Governor Abdellatif Jouahri confirming a decision would be made before year-end. The final green light was published in the Official Bulletin on Nov. 14, paving the way for the formal transition to Saham ownership.
Saham Finances, led by Moroccan businessman and investor Moulay Hafid Elalamy, will fund half of the acquisition from internal resources, with the remaining portion to be financed through pre-arranged bank loans.
The acquisition coincides with Société Générale’s strategic shift, announced in September 2023, aimed at consolidating its international footprint and simplifying its operational model.
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