MUMBAI: The Reserve Bank of India (RBI) has approved the appointment of KVS Manian as the MD and CEO of Federal Bank for a term of three years, the bank informed exchanges on Monday evening. Manian, former joint MD of Kotak Mahindra Bank, will replace Shyam Srinivasan.
The bank stated that Krishnan Venkat Subramanian (KVS) will join the bank on September 23, 2024, a day after Shyam Srinivasan ends his term at the south-based bank. He served the bank as MD and CEO for 14 years.
Manian resigned from Kotak Mahindra Bank on April 30 after serving the bank for 29 years.
On February 20, Kotak announced that Manian would be elevated to Joint MD position with effect from March 1. Many banking circle officials said he was elevated to pre-empt his exit after the RBI chose Ashok Vaswani for the MD & CEO post. The board of Kotak had recommended Manian and Shanti Ekambaram, also a veteran at the bank, for the post MD & CEO to replace Uday Kotak. Ekambaram was elevated to deputy MD post along with Manian.
At Kotak, Manian was in charge of corporate, banking, commercial, private, and asset reconstruction. He also oversees investment banking and institutional equity businesses. A statement issued by Federal Bank said that at Kotak Mahindra Bank, Manian has also been instrumental in upgrading the technology in these businesses and in building strong transaction banking capabilities.
