Elalamy’s Saham Finance in Advanced Talks to Acquire Société Générale mauritania
Moulay Hafid Elalamy’s Saham Finance is reportedly engaged in high-level negotiations to acquire a stake in Société Générale Mauritania, according to informed sources. This move follows Saham Finance’s triumphant acquisition of a controlling 57.67% stake in Société Générale maroc earlier this year, a deal valued at €745 million. A successful acquisition in Mauritania would solidify Saham Finance’s position as a major player in both moroccan and African banking, rivaling established giants like Attijariwafa Bank and Banque Centrale Populaire.
Sources suggest that the chance arose due to Société Générale Mauritania’s recent struggles, including management difficulties and a period of internal restructuring following the resignation of its CEO late last year. “The current negotiations focus on the evaluation of the bank’s assets,its commercial opportunities in the country,as well as the value of its customer portfolio,” the sources revealed. they emphasized that any new owner would need to implement measures to mitigate potential risks.
Saham Finance reportedly plans to utilize an investment bank, similar to its previous engagement with Lazard, to facilitate the acquisition and its financial structuring. The acquisition aligns with Saham Finance’s broader strategy of expanding its African presence and creating a regional banking network connecting Morocco and Mauritania. This would allow the company to capitalize on the growing demand for specialized banking services in the region.
The news comes shortly after Société Générale Maroc received new banking accreditation from Bank al-Maghrib’s Wali, Abdellatif Jouahri, following Saham Finance’s acquisition. This April’s deal included not only Société Générale Maroc but also its subsidiaries, including Moroccan Life, marking Elalamy’s return to the insurance sector after selling Stock Assurances to Sanlam several years ago. “This agreement thus marked the return of the former minister to the insurance market,” sources confirmed.
Interestingly, reports suggest that Attijariwafa Bank, with its extensive African operations, is also considering a bid for Société Générale Mauritania. Given Attijariwafa Bank’s substantial financial resources and experience,its entry into the Mauritanian market,which has seen recent investment growth,would be a significant growth.
The outcome of these negotiations remains to be seen,but the potential acquisition highlights the ongoing consolidation and expansion within the African banking sector and the growing interest in the Mauritanian market.
