SocGen sells Moroccan business to Moroccan Saham Group for $798 million

Societe Generale has inked a deal to sell the majority of its Moroccan businesses to Moroccan Saham Group for $798 million. 

The deal, announced in a company statement on Friday, includes the French bank’s stake in Societe Generale Marocaine de Banques and its subsidiaries. Moroccan Saham Group will also get SocGen’s stake in La Marocaine Vie, an insurance company. 

The move comes less than a week after SocGen announced it would be offloading its equipment finance business for $1.1 billion. 

The sales are reportedly part of Chief Executive Officer Slawomir Krupa’s strategy to boost the bank’s valuation and win back investor confidence.

Krupa, who became CEO last year, has vowed to cut expenses by 1.8 billion by 2026. Earlier in the year, the bank announced plans to eliminate 900 jobs.

The sale to Moroccan Saham Group is expected to close by the end of 2024. Saham Group is founded and operated by Moroccan businessman and politician Moulay Hafid Elalamy.