Societe Nationale d'Investissement or National Investment Company, is a large Moroccan

Economy of Morocco

Morocco's economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in the African...

 holding company

Holding company

A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

. The conglomerate registered a consolidated net income of MAD 2.3 billion in 2009, and holds stock in the ONA Group. In March 2010 the decision was taken to merge by the two companies, during a meeting of their management boards. Last year, SNI invested an overall amount of MAD 5.52 billion mainly in acquiring 10% of Attijariwafa Bank

Attijariwafa Bank

Attijariwafa Bank is the largest bank in Morocco and the third one in Africa. It was established after a merger between Banque Commerciale du Maroc and Wafabank....

's capital from the Spanish bank Santander.

Despite the unfavourable global context, the company's performance increased 365% in 2009, with a turnover of MAD 3.42 billion, compared to the previous year

Merger with ONA Group

As a result of the merger between SNI and ONA, the two companies, along with their subsidiaries, have been delisted from the Casablanca stock market, pending the formation of a new investment holding company. This reorganisation will transform the conglomerate into an investment company that gives larger autonomy to its subsidiaries in the management of their affairs, except for some large–scale projects.

Monopoly Status and Corruption Allegations

The Societe National d'Investissement and its former holding arm (Omnium Nord Africain) have been accused of monopolistic market practices and of corruption on several occasions. The fact that the largest shareholder remains the Moroccan Royal family to this day has enabled the SNI to use significant political and economic pressure on its rivals and acquisition targets. Recent Wikileaks cables divulged on December 2010 reveal the reports of US diplomats casting doubts on the integrity of the dealings of the SNI (and ONA) and on the transparency of the Kind's business affairs.