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.

Mohamed will replace Gul Khan, who led I&M’s Kenyan unit from 2023 to 2026, following the promotion of predecessor Kihara Maina to regional chief executive of the wider group. 

“We are delighted to welcome Abdi to I&M Group at an important time in our journey as we continue to scale our business, deepen customer relationships and strengthen our market position,” Sarit Raja-Shah, Group Executive Director at I&M Group, said in a statement.

The appointment comes as competition among Kenya’s listed lenders intensifies, with banks investing heavily in digital channels, transaction banking and regional expansion to capture growth beyond traditional corporate lending.

I&M Group, valued at KES 108.76 billion ($844 million), is Kenya’s seventh-largest listed banking stock by market capitalisation. Mohamed joins from Absa Bank Kenya, which has a market value of KES 176.53 billion ($1.37 billion), making it the country’s fourth-largest listed lender behind Equity Group, KCB Group and Co-operative Bank.

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