A Strategic Shift in Morocco’s Banking Sector: “Saham Bank” Replaces Société Générale

ALDAR/

In a move that reflects the profound transformations taking place in Morocco’s banking landscape, it was officially announced that “Société Générale Maroc” has changed its name to “Saham Bank,” marking the beginning of a new era under the leadership of a national player.

This change follows a deal concluded in November 2024, through which the Moroccan group “Saham” acquired 57% of the shares of the local subsidiary of the French bank Société Générale. This acquisition paved the way for a comprehensive restructuring and a renewed identity for the banking institution.

It is worth noting that the “Saham” Group is an investment company led by Moroccan businessman and former Minister of Industry, Moulay Hafid Elalamy. Through this strategic step, Elalamy aims to strengthen the national footprint in the financial sector and expand the reach of banking services with a distinctly Moroccan character.

This move is expected to bring a qualitative shift in Morocco’s banking market by offering services that are more closely aligned with customer expectations, and by implementing a strategy rooted in innovation and local investment.