Rabat, April 5 -- Othman Benjelloun, the chairman of Morocco's BMCE Bank, has criticized the $1.1 billion deal between the Moroccan company Saham Finances and the South African insurance company Sanlam. Benjelloun, an influential voice in Morocco's financial services industry, cited the political position of Pretoria on Western Sahara as the reason for his dissatisfaction with the deal.

According to Bloomberg, Benjelloun told reporters in Casablanca Tuesday, "We end up with a South African investor, owning a company that was Moroccan, on our own territory." The 88-year old businessman continued, "We aren't going to hide that we have not appreciated this gesture."

Benjelloun's anger stems from Pretoria's support of the Polisario Front. T...