Elalamy's Bold Move: Acquisition of Societe Generale's Sub-Saharan Presence
In a daring maneuver set to potentially reshape the banking landscape across Africa, Moulay Hafid Elalamy, former Minister of Commerce and Industry and current CEO of the Saham Group, is poised for an ambitious acquisition. Rumors abound that Elalamy is nearing the acquisition of a controlling stake, 57%, in Société Générale Maroc, the Moroccan arm of the French banking behemoth, while simultaneously eyeing its sub-Saharan African subsidiaries.
In recent days, the financial sphere has been rife with speculation regarding Elalamy's conglomerate's negotiations with Société Générale for the sale of its majority stake in the Moroccan subsidiary. While official confirmation remains pending, multiple sources suggest advanced discussions between the parties, with a potential transaction value of approximately $803 million.
This prospective deal signifies a significant juncture in the Moroccan banking sector, given that Société Générale Maroc, the country's fifth-largest bank, has been a substantial contributor to the French group's net banking income, amounting to €484 million ($529.07 million) in 2023 alone.
However, Elalamy's ambitions extend beyond Morocco's borders. Reports indicate his interest in acquiring Société Générale's subsidiaries in key sub-Saharan African markets such as Côte d'Ivoire, Senegal, Benin, and Togo. If successful, this move could afford Saham Holding control over a robust network of nearly 160 branches across West Africa, boasting significant profit records in these pivotal markets.
This audacious bid comes amid a broader trend of European banks scaling back their operations in sub-Saharan Africa. Financial giants such as Barclays, Standard Chartered, and BNP Paribas have either divested from or reduced their presence in various African markets in recent years, paving the way for pan-African banking groups, including those from Morocco, to expand their footprint across the continent.
For Elalamy, whose net worth is estimated at a staggering $1.7 billion, this acquisition represents a strategic leap in his ambitious pursuit of becoming a major player in the African banking sector. With a proven track record of successful business ventures, including the recent sale of Saham Finances to South African Sanlam, Elalamy possesses the financial clout and expertise to navigate the complex market dynamics that lie ahead.
As negotiations unfold, the banking world watches with anticipation, eager to witness the outcome of Elalamy's bold bid to acquire Societe Generale's sub-Saharan presence. Success could herald a seismic shift in the African financial landscape, solidifying Saham Group's standing as a formidable force across the continent.