Overview:
Mark Ocitti Ongom leaves Sanku to become the new chief executive of Stanbic Uganda, separating the group's domestic and regional leadership roles.
KAMPALA, Uganda — Stanbic Uganda Holdings Limited has named corporate executive Mark Ocitti Ongom as its next chief executive and board director, anchoring a planned leadership transition at the country’s largest financial services group.
The appointment, which takes effect July 10, 2026, has secured the necessary regulatory approvals, according to an institutional disclosure published on Tuesday.
Ongom succeeds Francis Karuhanga, who has been dual-hatting in the role while concurrently serving as the regional chief executive for Southern and Central Africa for Standard Bank Group. Following the transition, Karuhanga will relinquish his domestic holding company responsibilities to focus exclusively on driving the group’s regional expansion across Southern and Central Africa.
The governance restructuring uncouples the domestic and regional executive portfolios, allowing Stanbic Uganda to secure dedicated leadership at a time of intensifying competition in East Africa’s banking sector. Stanbic Uganda operates as a key subsidiary of Standard Bank Group, which remains Africa’s largest banking conglomerate by asset volume.
Baker Magunda, the chairman of the board of directors at Stanbic Uganda Holdings Limited, described Ongom’s arrival as a strategic appointment during a critical growth phase.
“Mark steps into this role at a pivotal time to lead Stanbic Uganda into its next chapter,” Magunda said, pointing to the incoming executive’s nearly 30 years of operational leadership across the fast-moving consumer goods, telecommunications, and energy sectors in Uganda and the wider East and Central African regions.
Magunda also credited Karuhanga’s dual tenure with leaving the financial institution well-positioned for immediate commercial scale.
Ongom joins the bank from Sanku, where he serves as president. His executive pedigree includes senior roles at several of the region’s largest multinationals, including East African Breweries Limited, Airtel Africa, and Shell Uganda. Crucially for his new role in banking governance, Ongom also served as the non-executive chairman of Equity Bank Uganda, a direct market competitor.
Dr. Joshua Oigara, Standard Bank Group’s regional chief executive for East Africa, emphasized that Uganda remains at the geographical and economic center of the group’s regional growth strategy. Oigara noted that Ongom’s commercial acumen and cross-sector deployment will be essential in accelerating innovation and market penetration.
“I am honoured to take on this responsibility at such an exciting time for Stanbic Uganda,” Ongom said regarding his appointment. “Francis and the team have built a strong foundation, and I look forward to working with everyone across the organisation to deliver value as we write the next chapter of this great institution.”
Ongom holds a Master of Business Administration from Heriot-Watt University’s Edinburgh Business School and a Bachelor of Statistics with honors from Makerere University. He is also an associate of the Chartered Institute of Arbitrators in the United Kingdom.