Nairobi, June 29 -- I&M Bank has poached its larger rival Absa Bank Kenya's chief executive Abdi Mohamed, underscoring the ambitions of the smaller lender that has been expanding aggressively in recent years.

The sudden move by Mr Mohamed to I&M Bank -the Kenyan banking subsidiary of I&M Group- marks a rare spectacle in the corporate world where CEO transitions are usually carefully planned to ensure smooth handovers.

The departure is also curious given that I&M Bank is smaller compared to Absa in terms of earnings and market value.

Read: Absa Bank CEO Abdi Mohamed exits, set for new job

I&M Group will stretch its payroll if Mr Mohamed is to retain the same level of compensation he was enjoying at Absa.

His benefits at Absa totalled ...