Kotak Mahindra Bank on Tuesday informed that its Joint Managing Director (designate), KVS Manian, has stepped down from his position.
Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in the Financial Services sector. The Board has accepted his resignation with immediate effect, the bank said in a regulatory filing.
Leveraging its strong leadership strength, the Bank announced a new reporting structure to drive a sharper focus and leadership oversight to its business.
The Wholesale, Commercial and Private Bank will now report directly to Ashok Vaswani, Managing Director & CEO, while the Asset Reconstruction Division will report into Shanti Ekambaram, Deputy Managing Director. Shanti will also oversee the Investment Banking and Institutional Equities businesses.
Commenting on the development, Ashok Vaswani, MD & CEO, Kotak Mahindra Bank said “Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come.”
Days ahead of his elevation, some media reports had suggested that Manian, who was earlier speculated to replace Uday Kotak as the CEO and MD of Kotak Mahindra Bank, would be leaving to head a smaller rival bank.
