Billionaire Baloobhai Patel Increases Co-op Bank Stake

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Prominent Kenyan billionaire investor Baloobhai Patel has increased his stake in Co-operative Bank of Kenya (Co-op Bank) after acquiring an additional 8.8 million shares.

The transaction, valued at Sh145.2 million, raises Patel’s total stake in the bank to 1.7%, bringing him closer to becoming the largest individual shareholder after Co-op Bank CEO Gideon Muriuki, who holds 2%.

Patel is one of the most influential investors in the Nairobi Securities Exchange (NSE), holding significant stakes in some of Kenya’s top publicly traded companies. Apart from Co-op bank, he is also a major local shareholder in Absa Bank Kenya, with his stake growing to approximately 1% in recent years.

Beyond banking, Patel has made notable investments in the manufacturing industry, particularly in Bamburi Cement, one of Kenya’s leading cement producers. His stake in the company rose to 8.41% before the 2024 buyout by Amsons Group, a move that earned him substantial returns.

Additionally, he holds a controlling stake in Carbacid Investments, a leading carbon dioxide producer, where he owns nearly half of the company.

Read: Co-op Bank Reduces Base Lending Rate by 2%

Patel’s interests also extend to the insurance sector, where he has invested heavily in Sanlam Kenya, formerly known as Pan Africa Insurance Holdings. His portfolio also includes stakes in CIC Insurance Group.

In addition to these core investments, Patel holds minority stakes in other major NSE-listed firms, including Williamson Tea Kenya, Diamond Trust Bank Group, and Safaricom.

Co-op Bank’s Shareholding Structure

Co-op Bank’s ownership structure is primarily dominated by institutional and individual investors. The largest shareholder is Co-op Holdings Cooperative Society Limited, which controls approximately 64.56% of the bank’s shares. This entity serves as a holding company for various cooperative societies across Kenya.

Read: How To Apply for Co-op Bank Flexi Plus Salary Advance Loan

CEO Gideon Muriuki remains the largest individual shareholder, holding 2% of the bank’s shares. Following his latest acquisition, Baloobhai Patel now comes second with 1.7%.

Other notable shareholders include Standard Chartered Nominees (A/C KE11443), NIC Custodial Services (A/C 077), and Kenya Commercial Bank Nominees (A/C 915B), which represent both local and foreign institutional investors.

Stanbic Nominees (R6631578), ICEA Lion Life Assurance, and Westlands Triangle Properties Limited also hold significant shares, along with Equity Nominee Ltd (A/C 00132).