Kotak Mahindra Bank’s KVS Manian likely to join Federal Bank as MD CEO
Kotak Mahindra Bank’s joint managing director, KVS Manian, resigned today (April 30) and is said to be taking up an offer from Federal Bank as MD CEO, said people with knowledge of the matter. The bank informed the stock exchange late Tuesday evening that Manian has stepped down from his position to pursue other opportunities in the financial services sector. Manian, who spent 29 years with the bank, has resigned with immediate effect.
Manian had to confirm to Federal Bank by May 21 whether or not he would accept the offer, people cited above said.
He will most likely replace Federal Bank’s MD and CEO Shyam Srinivasan, whose term ends in the last week of September 2024 after the Reserve Bank of India (RBI) turned down the bank's request to give him a one-year extension.
Kotak's board had proposed Manian and Shanti Ekambaram, deputy managing director, for the MD and CEO post to replace Uday Kotak who resigned on September 1, 2023 four months before his term ended. RBI chose external candidate Ashok Vaswani who joined the bank from January 1, this year.
On February 20, Kotak Mahindra Bank elevated Manian and Ekambaram to joint MD and deputy MD, respectively, effective March 1. At that time, banking analysts suggested that this was done to pre-empt the potential exit of senior officials from the bank.
The bank's statement stated that the wholesale, commercial, and private banks will now report directly to MD and CEO Ashok Vaswani. The asset reconstruction division will report to Shanti Ekambaram, the bank's DMD.
