Mr Omari was appointed CFO of Absa –then trading as Barclays Kenya— on July 23, 2009 and has on multiple occasions held the top job in an acting capacity as former leaders left to join other institutions.
He had held the top job on an interim basis since July 1 in the wake of Mr Mohamed’s exit. Mr Omari also led Absa temporarily from November 1, 2022 –following the departure of Jeremy Awori— until April 30, 2023. Mr Abdi took the job on May 1, 2023.
Mr Awori left to lead Togo-based Ecobank Transnational Incorporated (ETI).
The board of Absa said it was confident in Mr Omari’s ability to lead the bank, which has been growing its presence in the retail market, among other strategic objectives.
“Yusuf’s appointment reflects his proven ability to lead, deliver sustainable growth and create long-term value,” Absa’s chairman Mohammed Nyaoga said in a statement.
“His extensive experience across the bank, deep understanding of the Kenyan market, and strong track record of working with customers, colleagues, regulators and other stakeholders position him strongly to lead Absa Bank Kenya into its next chapter.”
Absa, alongside Standard Chartered Bank Kenya, previously dominated Kenya’s banking sector by most measures including assets and earnings.
The local units of multinational banks remain among the largest lenders in the country but they have been eclipsed by homegrown rivals led by KCB Group, Equity Group and Co-operative Bank of Kenya.
The homegrown banks used the twin strategies of retaining most of their earnings and aggressive expansion –including in the regional markets— to ascend to the top of the banking league tables.
Absa and StanChart, whose parents have subsidiaries in other markets, have focused on profitable growth in Kenya and distributing more of their earnings to shareholders.
Absa’s parent firm Absa Group has made it a priority for the Kenyan business to raise more income from non-lending activities in order to reduce the impact of falling interest rates on the group’s earnings. Mr Omari said he would build on the bank’s existing strengths.
“I am deeply honoured by the confidence that the board and Absa Group have placed in me through this appointment. Absa Bank Kenya has a strong foundation, an exceptional team and an important role to play in supporting Kenya’s economic growth and development,” Mr Omari said in a statement.
“My focus will be on building on this foundation, deepening our relationships with customers, accelerating sustainable growth, strengthening our competitiveness and investing in our people and capabilities. Together, we will continue to make Absa Bank Kenya a bank of choice for our customers and a trusted partner in Kenya’s economic development.”
Mr Omari holds a degree in Economics and a Master of Business Administration. He is also a Fellow of the Institute of Certified Public Accountants of Kenya (FCPA) and a graduate of the Advanced Management Programme delivered by Strathmore and IESE Business School.
Absa reported a 9.8 percent fall in net profit to Sh10.5 billion in the half year to June due to lower income from lending and transactions. The bank raised its interim dividend per share to Sh0.5 from the previous Sh0.2.
