Kenya: Absa Kenya CEO exits after 32-year career at lender

Abdi Mohamed will step down as chief executive officer of Absa Bank Kenya on June 30, bringing to a close a three-year tenure as CEO and a 32-year career at one of Kenya’s largest lenders.

In a statement issued on Monday, the bank said Mohamed is leaving to pursue other career opportunities. Chief financial officer Yusuf Omari will assume the role of interim chief executive from July 1, subject to regulatory approval.

The leadership transition comes at a critical time for East Africa’s banking sector, as lenders contend with slower credit growth, intensifying digital competition, and evolving regulatory requirements. It also marks the end of one of the longest-serving executive careers within the institution.

Board chairman Mohammed Nyaoga praised Mohamed for his contribution to the bank’s growth and transformation.

“The board and management of Absa Bank Kenya appreciate Mr Mohamed for his leadership, diligence, outstanding service, and contribution to Absa, and wish him the very best in his future endeavours,” Nyaoga said.

Mohamed joined Barclays Bank Kenya in 1994 and rose through the ranks during a transformative period that saw the institution transition from the Barclays brand to Absa, culminating in the rebranding of its Kenyan operations in 2020.

Before taking the top role in Kenya, he served as managing director of Absa Bank Tanzania. He later returned to Nairobi to succeed Jeremy Awori as chief executive in 2023.

The transition also marks the second time Omari will serve as interim CEO. He previously held the role in 2022 following Awori’s departure to become chief executive officer of Ecobank Group.

“The Board is fully committed to supporting Mr Omari and is confident in his ability to provide strong, steady, and effective leadership during this transition period,” Nyaoga added.

According to the bank, Mohamed will step away from day-to-day management during his notice period but will remain available to support a smooth leadership handover.

Absa Bank Kenya currently has a market capitalisation of KES 176.53 billion ($1.37 billion), making it Kenya’s fourth-largest listed banking stock. It trails Equity Group Holdings at KES 301.89 billion ($2.34 billion), KCB Group at KES 235.39 billion ($1.83 billion), and Co-operative Bank of Kenya at KES 205.35 billion ($1.59 billion).

During Mohamed’s tenure as chief executive, Absa Kenya said its share price doubled, underscoring the lender’s growth and resilience under his leadership.