By Benadeta Mwaura - Reporter
Kenya, June 29, 2026 - Absa Bank Kenya Chief Executive Officer Abdi Mohamed has resigned after serving just over three years at the helm of the lender, triggering a leadership transition that will see long-serving Chief Financial Officer Yusuf Omari take over as interim CEO as the board searches for a substantive replacement.
Mohamed, who assumed office on May 1, 2023, succeeded former CEO Jeremy Awori, who left the bank to head Ecobank Group. Before taking charge of Absa Kenya, Mohamed served as Managing Director of Absa Bank Tanzania and held several senior leadership positions across the Absa Group.
According to reports, the leadership transition is already underway, with Yusuf Omari expected to steer the bank in an acting capacity. This will be Omari's second stint as interim chief executive, having also led the bank following Awori's departure in 2022 before Mohamed's appointment.
Sources familiar with the matter indicate that Mohamed is expected to take up a senior leadership position at another commercial bank in Kenya, although his next destination had not been officially confirmed by the time of publication. Market speculation has linked him to a rival lender, but neither Absa nor the institution involved has made a formal announcement.
The transition comes during a pivotal period for Absa Bank Kenya. Earlier this year, the lender reported its first quarterly profit decline since 2017, attributing the slowdown to lower interest rates that affected both funded and non-funded income. For the quarter ended March 2026, the bank posted a 13.9% decline in profit after tax to KSh5.31 billion, down from KSh6.17 billion a year earlier.
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Despite the earnings slowdown, Absa remains one of Kenya's largest listed banks, with assets exceeding KSh571 billion. The bank is also undergoing significant corporate changes as Absa Group seeks to increase its shareholding in the Kenyan subsidiary from 68.5% to 85% through a KSh31 billion tender offer.
Omari brings extensive institutional knowledge to the interim role. Having joined the bank in 2004, he has served in various senior positions, including Chief Financial Officer, Head of Internal Audit, and Interim Managing Director. Before joining Absa, he worked at KPMG as a senior auditor.
He is a Certified Public Accountant, a Certified Internal Auditor, and holds an MBA from Strathmore Business School as well as a bachelor's degree in economics from the University of Nairobi.
The board is expected to begin the search for a substantive chief executive in the coming months as the bank seeks to maintain strategic momentum amid a changing interest rate environment, evolving regulatory landscape, and growing competition in Kenya's banking sector.