Absa Kenya Restructures Leadership Amid Banking Talent Competition

Absa Group has announced changes to its executive leadership team and made a key hire from Stanbic Bank Kenya. These adjustments reflect increased competition for experienced banking professionals.

Leadership Appointments and Reassignments

Renato D’Souza has been appointed as director of business banking. He joined Absa earlier in the year from Stanbic Bank Kenya, where he previously served as head of commercial banking for nine years.

Elizabeth Wasunna-Ochwa, who previously held the director of business banking position for seven years, has been assigned to a newly created role as director of strategic partnerships. This new role will focus on strengthening relationships with organizations including the National Chambers of Commerce and the Kenya Private Sector Alliance. Wasunna-Ochwa will continue to be a member of the executive team, which will now consist of 12 directors.

Recruitment Trends and Bank Performance

Sources within Absa indicate that these changes are part of a reorganization effort designed to stimulate growth through existing partnerships. Absa has a history of recruiting senior executives from Standard Bank Group subsidiaries, including Wasunna, who previously worked at Standard Bank of Malawi, and directors Kenneth Kanyarati and Chiera Waithaka, who were recruited from Stanbic Kenya. As of September 2023, Absa’s loan book totaled Sh309.7 billion, a slight decrease from Sh311.4 billion the previous year. This restructuring occurs as banks seek growth following a period of slow credit expansion and increased non-performing loans.