With Morocco, Société Générale continues its disengagement from the African continent. Former Moroccan Minister of Industry and Commerce, Moulay Hafid Elalamy would be ready to buy back 60% of the bank's shares for the sum of 730 million euros.
If Morocco's disengagement is confirmed, this decision would therefore be a continuation of that of Societé GEnérale on the continent. In 2023, African subsidiaries accounted for 8 per cent of the group's net banking income.