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Hours after Absa Bank Kenya announced the departure of chief executive Abdi Mohamed after a 32-year career at the lender, rival I&M Group named him as the next CEO of its Kenyan banking business.
The appointment, subject to CBK approval, sees I&M recruit the sitting chief executive of a larger rival, an unusual move in Kenya’s tightly knit banking sector.
Mohamed joins I&M from Absa Bank Kenya, where he spent more than three decades rising through the ranks to become chief executive and managing director in 2023. He previously served as managing director and chief executive of Absa Tanzania and held senior leadership roles across Barclays operations in Kenya, Tanzania, and Zambia, including chief operating officer and retail and business banking director.
The move was announced only hours after Absa disclosed Mohamed’s resignation, saying he would leave the bank on June 30 to pursue other career opportunities. Absa appointed chief financial officer Yusuf Omari as interim chief executive while it begins the search for a permanent successor.
