joshua oigara kcb group stanbic bank

Stanbic Bank Kenya, the local subsidiary of Standard Bank Group, is in talks to hire Joshua Oigara, the former chief executive of one of KCB Group, East Africa’s second-largest lender, as its chief executive, according to people with knowledge of the matter.

Sources told Bloomberg that Stanbic Bank’s board will likely announce the plan to replace current Chief Executive Officer Charles Mudiwa before his five-year term expires in December. 

Oigara declined to comment on Monday, while Mudiwa didn’t respond when contacted on Tuesday. Senior bank appointments are required to be endorsed by the central bank

Related: Phillis Migwi appointed Microsoft Kenya head of operations

Oigara was, until May 2022, the group chief executive of KCB Group, Kenya’s second-biggest bank with a presence in six African markets. He took over the partly state-owned listed lender in 2013 as one of the youngest bank chiefs in Kenya. 

Stanbic Bank Kenya said on September 27 that it was “not in a position to comment,” on the matter.

Stanbic Bank is the second-best-performing stock on the Nairobi Securities Exchange 20 Index, having risen 10.6 percent year-to-date, according to data compiled by Bloomberg.

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Staff news writer for The Venture Brat

VB Reporter

Staff news writer for The Venture Brat