Kenyan investor Baloobhai Patel acquires stake in NIC for US$1.78m

KENYA – Billionaire investor Baloobhai Patel has bought 6.6 million shares in NIC Group, rising in the list of top local individual investors in the Nairobi Securities Exchange-listed lender, reports Business Daily. Mr Patel, who has previously traded in and out of NIC, made the new purchases where his stake of nearly one percent has a current market value of Sh185 million(US$1.78m). This comes as the bank prepares to merge with rival CBA Group to form the country’s third-largest lender by assets. In the merger of the two banks, NIC…

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