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Société Générale Morocco 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 controlled by Moroccan financier Moulay Hafid Elalamy.[3] Overview 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,[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 alsoReferences
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