Societe Generale announced on Friday its agreement to sell its major banking and insurance holdings in Morocco to Moroccan Saham Group for 745 million euros ($797.45 million).
The transaction includes a 57.67% stake in Société Générale Marocaine de Banques and its subsidiaries, alongside a complete divestiture of its stakes in La Marocaine Vie, managed by Sogecap, SocGen's life and savings insurance division.
This move is part of Societe Generale's broader strategy to divest non-core assets, which saw its shares rise over 2%.
The announcement follows the recent sale of its professional equipment financing business to BPCE for 1.1 billion euros.
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