Stanbic Bank has announced a significant leadership change with the appointment of Dr. Joshua Oigara as the new Regional Chief Executive (RCE) for East Africa. This change, effective September 1, 2025, follows the completion of Patrick Mweheire’s 5-year tenure as RCE. Despite stepping down from the role of RCE, Mweheire will continue as Chief Executive Officer (CEO) of Stanbic Kenya Holdings.
Dr. Joshua Oigara’s New Role at Stanbic Bank
Dr. Oigara’s new appointment comes after his successful tenure as the Chief Executive Officer of Stanbic Bank Kenya, a position he has held since December 2022. In his new role, he will continue to serve as the CEO of Stanbic Bank Kenya while assuming the added responsibility of overseeing operations across the East African region for Standard Bank Group.
In the official statement, Stanbic Bank emphasized that Dr. Oigara’s appointment is subject to regulatory approval, marking a significant step in his career and the bank’s regional strategy.
“Dr. Oigara will continue to serve as Chief Executive of Stanbic Bank Kenya, while taking on the additional RCE responsibilities,” the statement read.
Patrick Mweheire’s Contribution and Transition
Patrick Mweheire, the outgoing Regional Chief Executive for East Africa, has been with Stanbic Bank for over 20 years. His leadership has played a pivotal role in shaping the bank’s operations across Kenya, Ethiopia, South Sudan, Tanzania, and Uganda. Under Mweheire’s leadership, Stanbic expanded its footprint in East Africa and positioned itself as a key player in the region.
Mweheire’s 5-year tenure as RCE East Africa ends on August 31, 2025. However, he will continue contributing to the bank as CEO of Stanbic Kenya Holdings and as a Non-Executive Director of Stanbic Bank Kenya Limited.
Stanbic Bank’s leadership expressed their gratitude to Mweheire for his exceptional leadership, particularly in building a strong franchise in East Africa. The bank looks forward to his continued impact in his new role within the group.
Dr. Oigara’s Career and Qualifications
Dr. Oigara brings a wealth of experience to his new role. Prior to joining Stanbic Bank Kenya, he served as the Group Chief Executive Officer of KCB Group, where he led the organization for nearly a decade, driving growth and transformation within Kenya’s banking sector. He also serves as a Non-Executive Director of Stanbic Nominees Limited.
Dr. Oigara holds an MBA in International Business Management from Edith Cowan University in Australia and a Bachelor of Commerce degree from the University of Nairobi. He is also an Advanced Management Programme Graduate from INSEAD in Fontainebleau, France. Additionally, he is a Certified Public Accountant of Kenya (CPA (K)) and a member of both the Kenya Institute of Bankers (KIB) and the Institute of Certified Public Accountants of Kenya (ICPAK).
Stanbic Bank’s Financial Performance
The leadership changes come amidst challenging financial results for Stanbic Bank in the first half of 2025. The bank reported a 9.3% drop in net profit, falling to Ksh 6.54 billion. This decline was attributed to higher costs that affected earnings, with profit before tax also dropping by 14.2%.
Other key financial figures included:
- Net interest income: Down by 5.8%
- Non-interest income: Up by only 0.8%
- Loans: Decreased by 14.6%
- Customer deposits: Fell by 9.6%
- Total assets: Declined by 4.9%
- Cost-to-income ratio: Increased to 48.3%
Despite these setbacks, Stanbic Bank remains confident in its future recovery. The bank doubled its interim dividend to Ksh 3.80 per share, signaling a positive outlook for the future.
Dr. Oigara commented on the bank’s performance: “Our H1 2025 performance reflects measured progress in a shifting but improving economic environment. While there is a notable recovery from the Q1 performance, these outcomes reflect persistent margin pressure and broader headwinds facing the industry, including subdued credit growth.”
Looking Ahead
As Dr. Oigara steps into his new regional role, Stanbic Bank faces the task of navigating the challenges of the regional banking landscape while capitalizing on emerging opportunities. His leadership will be crucial in steering the bank through these turbulent times and positioning it for future growth.
Conclusion:
The leadership changes at Stanbic Bank signal a new chapter for the institution, with Dr. Joshua Oigara poised to lead the bank’s East African operations. With his extensive experience in the banking sector, Oigara is well-positioned to drive growth and innovation in the region. While Patrick Mweheire’s departure marks the end of an era, his legacy of strong regional leadership will continue to shape the future of the bank.
