Oigara makes a comeback as Stanbic chief executive

KCB CEO Joshua Oigara. [Maxwell Agwanda, Standard]

Stanbic Bank Kenya, a subsidiary of South Africa’s Standard Bank Group, has tapped former KCB Group Managing Director Joshua Oigara as its new chief executive.

His appointment is expected to take effect before the close of the year, according to company sources who added that an official statement confirming the appointment would be issued later on.

The 47-year-old Oigara replaces retiring long-serving Zimbabwean national Charles Mudiwa who exits the lender after a career spanning two-decades effective December 31, 2022. Mr Oigara was previously the head of Kenya’s second-biggest lender by assets, KCB Group since 2013 up until his contract came to an end in May this year.

Mr Oigara will head the Kenyan unit of the Standard Bank Group, Africa’s largest lender by assets, at a time the bank is faced with a challenging business environment. Stanbic Bank Kenya said earlier it is in talks with South Sudanese regulators to resolve a dispute between the parties that has threatened its Juba operations.

The Bank of South Sudan (BOSS) had threatened to revoke the licence of Stanbic Bank Ltd South Sudan in a move that could deny the lender a piece of the market that was once the most profitable among regional subsidiaries of local banks.

Kenyan banks are looking beyond their borders for acquisitions, seeking to tap opportunities in East Africa, which are driven by rapid economic growth and trade integration.

KCB’s growth under Oigara included acquisitions in Tanzania and Rwanda, tripling the balance sheet and more than doubling annual profit. KCB also operates in South Sudan, Uganda and Burundi.

At 37 years when he was appointed to the top job in 2013, Mr Oigara was the youngest leader of a publicly-traded bank.