Saham Bank has made a significant entry into the Moroccan market for family wealth management, with its newly launched division, Saham Bank Private Banking & Family Office. This initiative, which took place on October 22, is spearheaded by Salima Benhima and is based in Casablanca. The bank, initially part of Société Générale, is now under the control of Moulay Hafid Elalamy’s Saham Group. The new unit offers a comprehensive suite of services designed to assist family-owned businesses, including investment strategies, wealth structuring, tax and succession planning, as well as governance advice. Notably, the bank has yet to disclose any minimum asset requirements or associated fees, which adds a layer of intrigue to its offerings.
The strategic importance of this launch goes beyond merely introducing another premium banking brand into the Moroccan financial landscape. Saham Bank is strategically positioning itself to cater to a specific demographic transition: the generational transfer of businesses established during the 1960s and 1970s to the heirs of the founders. This succession phase is crucial for banks, as it is during these transitions that they typically earn lasting advisory fees, build multigenerational relationships, and gain access to the significant corporate assets controlled by families. For a bank that underwent a change in ownership less than two years ago, this launch serves as a test of whether the new management can successfully develop business areas that were previously overlooked by its predecessor.
Targeting Wealthy Families with Specialized Services
Saham Bank’s model is designed to blend relationship banking with specialized advisory services. Each client is paired with a dedicated private banker who facilitates access to a team of experts in investment, legal, tax, and governance matters. Additionally, the unit offers a digital platform that includes a dedicated mobile application, which provides clients with a comprehensive view of their assets, online stock trading capabilities, and an AI-powered assistant. Benhima has stated that the aim is to deliver a “distinctive experience” for wealth clients, emphasizing close relationships, tailored advice, and innovative solutions.
The target market for this new service is relatively small in absolute terms but highly concentrated. Recent wealth reports indicate that Morocco is home to over 6,000 individuals with at least $1 million in investable assets, much of which is tied up in privately held businesses rather than liquid investments. This distinction creates a unique opportunity for Saham, as the family office service focuses less on managing securities and more on organizing ownership structures, governance frameworks, and facilitating the transfer of control among family members.
However, Saham Bank is entering a competitive field, with well-established players like Attijariwafa Bank and Bank of Africa already offering private banking services, alongside several international institutions that cater to Morocco’s affluent families from abroad. Saham’s competitive edge lies in its dual focus on succession planning and the personal experience drawn from Elalamy’s own family business, which serves as a living model for the challenges faced by clients.
The Path Ahead: Challenges and Opportunities
The launch of Saham Bank’s private banking unit represents a significant step in the evolution of Elalamy’s financial services group. Having founded Saham in 1995 and expanded it into Africa’s largest insurance provider outside South Africa, he sold that business to Sanlam in 2018 for over $1 billion. The bank’s recent acquisition of Société Générale’s stake in its Moroccan operations, concluded in December 2024, marks its re-entry into the financial services sector under the new name Saham Bank. The promising performance of the bank, which reported substantial growth in net banking income and profit for the first half of 2026, provides a solid foundation for the new unit.
The broader context reveals that the generational transfer of wealth in Morocco is not only a commercial opportunity but also a challenge. Many first-generation industrialists and traders are passing their businesses to heirs who may possess differing priorities and educational backgrounds. Banks are uniquely positioned to address the complexities of succession, including the separation of family and corporate governance, liquidity provisions for non-active heirs, and tax planning considerations.
However, there are constraints to consider, such as Morocco’s capital movement controls, which limit the international diversification that is typical of family offices in Europe or the Gulf. This could reinforce the necessity for localized advisory services and increase the relevance of domestic institutions over foreign private banks for many families. Additionally, the absence of common-law trust structures means that succession planning will rely more on holding companies and shareholder agreements.
For Moroccan and regional family businesses, the launch of this service signifies a shift toward mainstream banking solutions for succession planning, thereby increasing pressure on families to formalize their governance and succession strategies. As Saham Bank embarks on this journey, its progress will be measured not only by growth in client assets and commission income but also by its ability to establish trust and credibility with families who have longstanding relationships with other banks. Over the next couple of years, stakeholders will be watching closely to see how Saham adapts and expands its offerings in response to the evolving market.
As reported by ceoworld.biz.
