Abdi Mohamed Named I&M Bank Kenya CEO Hours After Absa Exit

I&M Group PLC has announced the appointment of Abdi Mohamed as the incoming Chief Executive Officer of I&M Bank Kenya Limited, with the appointment subject to approval by the Central Bank of Kenya.

In a statement on Monday, June 29, the bank confirmed that Mohamed joins the lender after leaving Absa Bank Kenya, where he served as Managing Director and Chief Executive Officer.

According to the statement, the seasoned banking executive brings more than 30 years of experience in the financial services industry, having held senior leadership positions across East and Southern Africa.

Before taking over the top role at Absa Bank Kenya, Mohamed served as Managing Director and CEO of Absa Bank Tanzania. 

In that position, he spearheaded the institution's transition from the Barclays brand to Absa while leading a broader transformation agenda. 

Mohamed's previous roles also include serving as Chief Operating Officer at Barclays Bank Kenya and Retail and Business Banking Director in both Kenya and Zambia.

Announcing the appointment, I&M Group Executive Director Sarit Raja-Shah welcomed Mohamed to the organization and expressed confidence in his leadership.

"We are delighted to welcome Abdi to I&M Group at an exciting and important time in our journey as we continue to scale our business, deepen customer relationships, strengthen our market leadership and create sustainable value for all our stakeholders," he said.

Raja-Shah added that the board believes Mohamed's extensive industry experience will help drive the bank's future ambitions.

"With his extensive experience, proven leadership track record and deep understanding of the financial services landscape, the Board is confident that Abdi is well positioned to lead I&M Bank Kenya into its next phase of growth. He will play a critical role in advancing our strategic priorities, driving innovation, and expanding market share," he added.

Outside the banking sector, Mohamed serves as chairman of the U.N. Global Compact Kenya chapter and sits on the boards of Touch Health Inc and Integrated Payment Systems Limited (IPSL).

Earlier Monday, Absa announced Mohamed's resignation.

In a statement, Absa Bank Kenya Board of Directors said the resignation of Mohamed will take effect on Wednesday, June 30. 

The board noted that Mohamed resigned from the role to pursue other career opportunities.

"The Board of Directors of Absa Bank Kenya Plc ("Absa") hereby announces the resignation of Abdi Mohamed from the role of Managing Director and CEO, effective 30 June 2026, to pursue other career opportunities.

"Mr. Mohamed is leaving the Bank after a 32-year career during which he served in various leadership roles, including the last three years as CEO and MD of Absa Bank Kenya," the statement read in part.

Meanwhile, the board appointed Absa Bank's Chief Financial Officer, Yusuf Omari, as the Interim Managing Director and CEO with effect from July 1. 

Nyaoga further noted that the board will commence the recruitment process to identify a substantive CEO.

"To ensure a smooth leadership transition, the Board has appointed Absa Bank Kenya's Chief Financial Officer, Yusuf Omari, as Interim Managing Director and Chief Executive Officer with effect from 1st July 2026, subject to regulatory approvals.

"The Board will concurrently undertake the recruitment process for the substantive appointment for the position," he stated. 

Omari boasts more than two decades of leadership experience in finance, strategy, risk management, environmental, social, and governance (ESG), and corporate governance

"With his rich strategic acumen, strong leadership capabilities, and commitment to driving sustainable growth, he is well equipped to guide the Bank through this transition and ensure continued momentum in the delivery of its strategic priorities," the statement added. 

Nyaoga expressed confidence in Omari's ability to provide stable leadership while maintaining the bank's strategic direction during the transition period. 

"His extensive experience and deep understanding of the business will ensure that the Bank remains focused on executing its strategy, delivering value to stakeholders, and sustaining its growth trajectory," he added.