Kenya - Jeremy Awori Leaves Absa Bank After Nearly 10 Years

8 September 2022
The Exchange Africa
By Wanjiku Njugunah
  • Absa Bank Kenya has announced the exit of its CEO Jeremy Awori after nearly ten years of service
  • Commenting on Awori's tenure, the board credited him for outstanding leadership, service and contribution
  • Absa revealed that Awori has decided to pursue a career opportunity outside the Absa Group

Jeremy Awori, Absa Kenya's long-serving CEO, is leaving the bank.

On September 8, 2022, the Board of Absa Bank Kenya PLC announced that Awori is leaving the company after nearly 10 years of service.

Commenting on Awori's tenure, the board credited him for outstanding leadership, service and contribution.

Absa revealed that Awori has decided to pursue a career opportunity outside the Absa Group. As such, the CEO will be stepping down as CEO & Managing Director of Absa Bank Kenya PLC on 31 October 2022.

The board's Chair Charles Muchene said Awori has been instrumental in driving significant growth and transformation of the business over the past decade.

"Under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of," he said.

Commenting on the same, Awori said that he is honored to have led Absa Kenya in making a difference in the Kenyan society while achieving significant commercial milestones over the past decade.

"I am confident that Absa Kenya will scale greater heights going into the future. I thank the Board of Absa Kenya PLC and Absa Group for the opportunity and pay special tribute to Absa Kenya staff and customers for the honour to serve," Awori said.

The board of Absa Kenya further announced that they had initiated the process of identifying a suitable successor and will announce the new CEO once the process is completed, subject to regulatory approval.

Awori's exit comes months after Absa Bank Kenya reported a Profit after Tax of KSh 3 billion for the quarter ending 31 March 2022, a growth of 22 per cent compared to a similar period last year.

The Bank reported that all its business units remained profitable, registering growth on key lines in the period.

Total income grew by 12 per cent to KSh 9.9 billion, primarily driven by higher net interest income, which went up by 15 per cent yearly due to increased lending. Non-funded income grew by 6 per cent driven by new innovations and continued digitization.

At the time, Awori said the Bank's strong performance reflected customers' resilience in a challenging environment and points to improving macroeconomic conditions compared to the same period last year, as well as the successful execution of its five-year strategy which is focused on driving Growth, Transformation, and Returns.

"The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination and resilience of our customers across our different business segments. Our business is on a growth trajectory and well positioned to continue playing its rightful role in driving economic recovery from the slowdown experienced in the last two years," Awori said.

For the period, total assets increased by 14 per cent to KSh 438 billion with growth mainly driven by customer lending. Customer deposits increased by 5 per cent to KSh 270 billion.

The Bank said its investment in new businesses is bearing fruit with bancassurance, asset management and financial markets products contributing significantly to income growth in the period under review.

"Our capital position remains strong to continue supporting a robust balance sheet growth. We have also accelerated our investment towards enabling new growth areas, improving customer experience and driving operational efficiency," Awori said.

Joshua Oigara leaves KCB

Awori's exit comes months after Joshua Oigara, another long-serving CEO, left KCB Group.

As reported in May 2022, Oigara left the group after serving for ten years.

While announcing Oigara's exit, KCB's board said it was committed to becoming the undisputed regional lender.

The group's chairperson Andrew Kairu commended Oigara for his service to the Group since joining in 2011 and said he had led the Group through its fastest growth in a decade.

"He has left a solid legacy for the Group across Africa and beyond that is dotted by the transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations and has built a Group that is anchored on sustainable business practices," the chair said.

The company also named Paul Russo as its new CEO, to head the Kenya-based lender that has seen tremendous success over the last decade.

Read the original article on The Exchange.

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