Chief Executive Officer Jeremy Awori is poised to leave his post at Absa Bank Kenya after serving for more than ten years.
According to a statement announced by the bank on Thursday, Mr. Awori will leave his position on October 31 “to seek a new career opportunity outside Absa Group.”
The bank said it has already started choosing a suitable successor and will announce after the process is completed, including regulatory approval.
“I am confident that Absa Kenya will achieve greater success in the future. I am grateful to the Absa Group and the Board of Absa Kenya PLC for the opportunity. I pay special homage to the Absa Kenya team and customers for the privilege of serving,” Mr. Awori stated.
Charles Muchene, the chairman of Absa Bank Kenya, claimed that Mr. Awori had been a significant factor in the lender’s expansion.
According to Mr. Muchene, Absa Bank Kenya PLC has transformed into a cutting-edge organization under Mr. Awori’s remarkable leadership. Over the past ten years, Mr. Awori has been important in driving significant development and change in the business.
The departing executive managed the lender’s smooth conversion from Barclays Bank of Kenya while serving as Absa CEO from the time of his hiring in February 2013.
During his resignation, Mr. Awori said, “I am honored to have led Absa Kenya in making a difference in our society while accomplishing key commercial milestones over the previous decade.
Absa Bank Kenya
Commercial bank Absa Bank Kenya Plc, formerly Barclays Bank Kenya Limited, is a South African subsidiary of Absa Group Limited. The Central Bank of Kenya, the nation’s leading financial institution and regulatory body, has granted it a license.
In Nairobi, Kenya’s capital, the bank’s main branch and headquarters are housed in the Absa Westend Building, off Waiyaki Way.
With an asset base exceeding KSh:374.109 billion (US$3.561 billion) and shareholders’ equity of KSh:44.079 billion (US$419.654 million) as of December 2019, the bank is a significant provider of financial services in Kenya.
Following KCB Group, Equity Group Holdings Limited, Cooperative Bank, and Standard Chartered Kenya in terms of assets as of March 2014, Barclays Bank of Kenya was the fifth-largest commercial bank in Kenya.
The National Bank of South Africa, which opened a branch in Mombasa in 1916, is the origin of the bank.
The Colonial Bank and the Anglo-Egyptian Bank amalgamated with the National Bank of South Africa in 1925 to establish Barclays Bank (Dominion, Colonial, and Overseas). This has placed Barclays Bank under control of the Kenyan operations.
In 1953, the bank received its current license, and in 1978 it was locally established as Barclays Bank of Kenya, a wholly owned subsidiary of Barclays Bank International. In 1986, the bank successfully floated an initial public offering (IPO) to list its shares on the Nairobi Stock Exchange. The ticker symbol for these shares is BARC.
Before 2013, the bank was a division of Barclays Bank Plc. (via Barclays Africa), a global provider of financial services whose stock is traded under the ticker sign BARC on the London Stock Exchange and BCS on the New York Stock Exchange. The integrated strategy to run as “One Bank in Africa” was implemented by Barclays Plc in 2013 to improve efficiency and raise returns from the African Units. Due to this, all Barclays Plc. operations in Africa (apart from those in Egypt and Zimbabwe) were merged through Absa Group Limited, creating Barclays Africa Group. The JSE lists the shares of Barclays Africa Group, which holds 68.5% of Barclays Bank of Kenya.
Since June 2013, Jeremy Awori, a Kenyan entrepreneur and corporate executive, has held the positions of MD and CEO of Absa Bank Kenya (formerly Barclays Bank of Kenya). Before, he served as the CEO of Standard Chartered Tanzania from 2008 until 2013. The capital of Kenya, Nairobi, is where Jeremy is based. Jeremy is a member of the Kenya Private Sector Alliance’s board of directors (KEPSA). He previously held the position of chairman of the Kenya Bankers Association (KBA) and is currently a member of its governing council.
“I pay special respect to Absa Kenya workers and customers for the honor to serve and thank the Board of Absa Kenya and Absa Group for the chance.”
The company praised Mr. Awori’s accomplishments while leading the lender and announced that the search for his successor had already started.