Abdi Mohamed has resigned as Chief Executive Officer (CEO) of Absa Bank Kenya, just over three years after taking up the role on May 1, 2023, with a leadership transition already underway at the lender, Business Daily reports.
Long-serving Chief Financial Officer Yusuf Omari is expected to hold the fort in the interim, a role he also played in October 2022 following the exit of then-CEO Jeremy Awori, who left to join Ecobank Transnational.
Mr Mohamed is reportedly set to take up a leadership role at another bank within the Kenyan market. Some sources have linked him to regional lender I&M Bank, though this could not be independently confirmed.
His departure lands at a pivotal moment for the bank. Its Johannesburg-based parent, Absa Group, is currently in the market with a Sh31 billion offer to raise its shareholding in the Kenyan unit from 68.5 percent to 85.0 percent, through the acquisition of an additional 895.9 million ordinary shares. The offer closes on August 11.
The bid reflects Absa Group’s confidence in growth prospects across the East African market, at a time when other South African lenders are deepening their footprint in the region, most notably Nedbank’s Sh110.4 billion acquisition of a 66 percent stake in NCBA Group.
Under Mr Mohamed’s leadership, Absa Bank Kenya’s cost-to-income ratio improved from 41 percent in 2023 to 37 percent in 2025, even as the bank diversified into non-funded revenue streams such as bancassurance, asset management and custody to offset pressure on interest income from Central Bank of Kenya policy actions. Bancassurance revenue alone grew 37 percent year-on-year in 2025.
The first quarter of 2026 proved more challenging, with profit after tax contracting 13.9 percent to Sh5.3 billion, though asset quality improved, with the non-performing loan ratio easing to 11.6 percent.
Mr Mohamed’s exit adds to a string of recent leadership changes at Kenyan banks, including Family Bank, Ecobank Kenya, Commercial International Bank Kenya, Stanbic Bank Kenya, Standard Chartered Bank Kenya and Sidian Bank, all of which have named new chief executives since the start of the year.
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