Societe Nationale d'Investissement or National Investment Company, is a large Moroccan holding company. 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.[1] Last year, SNI invested an overall amount of MAD 5.52 billion mainly in acquiring 10% of Attijariwafa Bank's capital from the Spanish bank Santander.[2]
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
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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.
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.
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