Absa Bank Kenya is set for a leadership transition as Chief Executive Officer Abdi Mohamed prepares to step down on June 30, ending a distinguished 32-year career with the lender, including three years as CEO.
The bank announced on Monday that Mohamed is leaving to pursue new career opportunities. Chief Financial Officer Yusuf Omari will serve as interim CEO from July 1, subject to regulatory approval, while the search for a substantive chief executive continues.
The transition comes at a time when Kenya’s banking sector is navigating slower credit growth, increasing digital competition, and evolving regulatory demands. It also marks the departure of one of the bank’s longest-serving executives.
Board Chairman Mohammed Nyaoga commended Mohamed for his dedication and leadership throughout his career.
“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 as the bank evolved into Absa, helping oversee its transition and rebranding in Kenya in 2020. Before becoming CEO of Absa Kenya in 2023, he served as Managing Director of Absa Tanzania.
Yusuf Omari will be taking on the role of interim CEO for the second time, having previously led the bank in an acting capacity in 2022 after former CEO Jeremy Awori left to head 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 period of transition,” Nyaoga said.
Mohamed will step back from his day-to-day responsibilities during his notice period but will remain available to support a seamless leadership handover.
Absa Bank Kenya has a market capitalisation of KES 176.53 billion (about $1.37 billion), making it Kenya’s fourth-largest listed banking stock. During Mohamed’s tenure as CEO, the bank said its share price doubled over three years.