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Fitch Ratings affirmed Eqdom’s national long-term rating at AA-(mar) and kept a stable outlook, a vote of confidence that rests largely on the company’s new anchor shareholder: Saham Bank, controlled by the Elalamy family.
Fitch said Eqdom functions as Saham Bank’s centralized consumer-finance platform in Morocco, a role it considers important enough to support the expectation of parental backing if needed. The agency added that Eqdom’s standalone profile is weaker than the rating implied by support.
For the Elalamys, the decision is another marker in a fast-moving reshuffle of Moroccan finance. Medias24 reported that Saham Finances agreed the purchase of Société Générale Marocaine de Banques from Société Générale on April 11, 2024, and finalized the transaction on Dec. 3, 2024. The deal pulled in the bank’s subsidiaries, including Eqdom, shifting control from a French parent to a Moroccan financial group.
Saham Bank now holds a 57% stake in Eqdom, Fitch said, describing the consumer lender as Saham Bank’s largest subsidiary, accounting for 7.7% of group assets at the end of the first half of 2025.
The integration is also visible in the boardroom. Fitch said Eqdom’s board is chaired by Moulay M’Hamed Elalamy and that the company’s chief executive, appointed in July 2025, came from Saham Group. Medias24 said the new shareholder lineup is dominated by Saham alongside Moroccan institutional investors, including RCAR, CIMR and Atlantic Re.
Fitch sees room for growth. It pointed to macroeconomic stability, big infrastructure projects and a 2026 GDP growth forecast of 3.9% as factors that could keep credit demand firm. Eqdom held about 10% of consumer lending and 8% of auto finance at mid-2025, Fitch said, with auto loans making up roughly 45% of total loans at end-2024.
But the model carries risk. Fitch said impaired loans were 16.3% at mid-2025, down from 18.7% at end-2024, helped by recoveries, while reserve coverage stood at 75.8%. Profitability improved as impairment charges fell, lifting pre-tax income to 2.4% of average assets in the first half of 2025 from 0.8% in 2024.
Eqdom remains wholesale-funded, relying mainly on domestic medium-term bond issuance. Fitch said refinancing needs appear manageable and noted contingency funding from Saham Bank.
On the Casablanca Stock Exchange, the transition has drawn caution. Medias24 reported the shares were up 4.7% in 2025, with trading limited as ownership is concentrated. Fitch said ratings could slip if Saham Bank is downgraded or ties weaken.
