Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “Saham Finances S.A” of the exclusive control of “Société Générale Marocaine de Banques S.A” through the acquisition of 57.67% of its share capital and associated voting rights

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation as amended and supplemented, the Competition Council makes available to the public the “summary of the operation” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: The company “Saham Finances”;
• The target: “Société Générale Marocaine de Banques”.

Nature of the operation:

• Exclusive control acquisition.

Economic sectors concerned:

• The commercial banking market;
• The consumer finance/credit companies market;
• The participative banking market;
• The leasing market;
• The insurance distribution market;
• The insurance intermediation market;
• The collective investment scheme management market.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. May 27, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received a notification whereby the company “Saham Finances” (Saham Finances) intends to take exclusive control of Société Générale Marocaine de Banques (SGMB) through the acquisition of 57.67% of the share capital and associated voting rights.

“Saham Finances” is a Moroccan joint-stock company with a share capital of 1,232,825,100 dirhams, headquartered at Hay Plateau Angle Abdelmoumen and Rue Murillo, Casablanca, Morocco, and registered with the Casablanca Trade Register under number 409,787. Saham Finances’ main activity is to hold stakes in companies operating in various sectors.

“SGMB” is a Moroccan joint-stock company duly licensed as a bank, with a share capital of 2,152,500,000 dirhams, headquartered at 55, Boulevard Abdelmoumen, 20100, Casablanca, Morocco, and registered with the Casablanca Trade Register under number 28,987. The activities of SGMB and its subsidiaries are aimed at individuals, professionals, and businesses in the commercial banking, consumer finance/credit, participative banking, leasing, insurance distribution, insurance intermediation, and collective investment scheme management markets.

Done in Rabat on May 16, 2024.