On June 1, 2018, Société Générale Marocaine de Banques (SGMB) acquired 34.95% of the share capital of Eqdom from SG Financial Services Holding, a subsidiary of the Société Générale Group.
According to a statement released Monday, June 4, the sale was authorized by the Supervisory Board of SGMB and Bank Al-Maghrib in accordance with Law 103-12 on credit institutions and the like and brings the participation of SGMB in Eqdom 53.72% of the share capital.
The acquisition was carried out for a total price of 685 241 494 MAD (more than 72 million dollars) or a price per share of 1 174 MAD (more than 120 dollars)
Thus, Eqdom will remain under the control of Société Générale Group which holds 57.55% of SGMB.
It is stated in the press release that “the acquisition is accompanied by the approval of the terms of a structuring partnership agreement between SGMB and Eqdom for consumer credit based on a” Producer-Distributor “model.
Eqdom will thus be the producer of all the consumer loans marketed by SGMB and will carry the outstanding amounts related thereto.
SGMB will strengthen its role as a distributor and will continue to offer consumer credit offers to its own customers based on the expertise, processes and reputation of the leading funding organization EQDOM.
According to the SG, “the partnership aims to create value for both parties in the framework of a shared long-term strategic vision and intends to reinforce Societe Generale’s benchmark position in consumer credit in Morocco. based on a reinforced distribution system “.
It should be noted that the commercial launch is scheduled for early 2019.
