Saham Group SA signed a contract to acquire 57.67% stake in Société Générale Marocaine de Banques from Société Générale Société anonyme (ENXTPA:GLE) on April 11, 2024. In Related transaction Sogecap?s stakes in the insurance company La Marocaine Vie to be divested to Saham. Saham Group would take over all the activities operated by these companies, as well as all client portfolios and employees.

The transactions would be done at a price of ?745 million and will have an estimated positive effect of around 15 basis points on the Group?s CET1 ratio upon the completion of the transaction, which could take place by the end of 2024. Societe Generale?s Board of Directors, under the chairmanship of Lorenzo Bini Smaghi, has approved the signing of these contracts which provide for the sale. The transaction is subject to the usual condition?s precedent, including the approval of the relevant regulatory authorities.