Société Générale Morocco

Former head office building on 84, boulevard Mohammed V in Casablanca

Société Générale Morocco, formal name the Société Générale Marocaine de Banques since 1965[1] (SGMB), is the Moroccan subsidiary of Société Générale, headquartered in Casablanca and originally established in 1913.[2] In April 2024, Société Générale announced the sale of its majority stake in SGMB to the Saham Group [fr] controlled by Moroccan financier Moulay Hafid Elalamy.[3]

Overview

Branch in Tétouan, originally erected by the State Bank of Morocco

In 1913, Société Générale, by then one of the world's largest banks, decided to expand to the newly established French protectorate in Morocco and opened branches in Casablanca and Tangier. In 1923, it relocated its Moroccan head office in Casablanca from the rue des Consuls to a purpose-built building on the prestigious boulevard Mohammed V [fr],[4] designed by architect Edmond Gourdain.[5] Its network in Casablanca expanded to 7 branches in 1939 and 22 in 1950, and also in 1950 to Kenitra and Meknes.[1]

In 1965, it absorbed the Moroccan operations of Société Marseillaise de Crédit and expanded to more cities. In 1971, it purchased a fifth of the operations of Société de Banque du Maghreb, the Moroccan entity of the former Crédit Foncier d'Algérie et de Tunisie,[1] with the rest taken over by Banque Marocaine du Commerce Extérieur (BMCE).[6]: 269  In 1979, the SGMB relocated its head office from Boulevard Mohammed V to a new building at 55, Boulevard Abdelmoumen.[4]

By the early 2020s, SGMB was the fourth-largest bank in Morocco behind market leader Attijariwafa Bank, the cooperative Banque Populaire Group, and the former BMCE renamed Bank of Africa.[7] On 12 April 2024, Société Générale announced the sale of its 57.7 percent stake in SGMB to Saham Group together with its insurance subsidiary, La Marocaine Vie, for a total price of 745 million euros.[3]

See also

References

  1. ^ a b c "Société Générale Maroc à travers le temps". Société Générale Maroc.
  2. ^ "Société Générale Maroc : Un siècle à la pointe". Zamane. 13 December 2023.
  3. ^ a b "Le groupe Société Générale a conclu un accord avec le groupe Saham en vue de la cession de Société Générale Marocaine de Banques et de La Marocaine Vie". Société Générale. 12 April 2024.
  4. ^ a b "Société Générale inaugure son agence historique". Challenge. 30 April 2015.
  5. ^ Dounia Mounadi (5 May 2015). "Société Générale redonne vie à son ancien siège". Aujourd'hui Le Maroc.
  6. ^ Hubert Bonin (2004), Un outre-mer bancaire méditerranéen. Histoire du crédit foncier d’Algérie et de Tunisie (1880-1997), Publications de la Société française d'histoire des outre-mers
  7. ^ Alexandre Aublanc (13 March 2024). "L'avenir incertain de la Société générale au Maroc". Le Monde.


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