Saham Bank – Ratings Affirmed

2 October 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Saham Bank (Saham, SB or the Bank) at ‘BB+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed Saham’s Bank Standalone Rating (BSR) of ‘bb’, Core Financial Strength (CFS) rating of ‘bb’ and Extraordinary Support Level (ESL) of Moderate. The Outlook on the LT FCR and BSR is Stable.

Saham Bank – previously known as Societe Generale Marocaine de Banques (SGMA) – is Morocco’s fifth-largest bank. The Moroccan-based Saham Group acquired France’s Societe Generale Group entire shareholding (57.7%) in SGMA in late 2024. The Saham Group was established in 1995 by prominent Moroccan businessman and former Minister of Industry, Trade and Investment, and Digital Economy, Moulay Hafid Elalamy. Saham is a private investment company active in customer…