Société Générale: agreement for divestments in Morocco

(CercleFinance.com) - Société Générale announces that it has signed two agreements with the Saham group to sell its 57.
67% stake in Société Générale Marocaine de Banques (including its subsidiaries) and all of Sogécap's shares in the insurance company La Marocaine Vie.

The transaction would be priced at E745m and would have an estimated positive effect of around 15bp on the group's CET1 ratio, but would have a negative accounting impact of around -E75m on its Q1 2024 results.

The transaction's completion, which is subject to the usual conditions precedent, notably the approval of the relevant regulatory authorities, could take place by the end of this year.

Société Générale and Saham have also outlined a long-term commercial partnership that would enable the French bank's corporate customers operating in Morocco to call on a local banking partner.


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