India's Kotak Mahindra Bank names new senior executives

Federal Bank

19/02/2024 12:38

BENGALURU, Feb 19 (Reuters) - India's Kotak Mahindra
Bank  KTKM.NS  on Monday named KVS Manian as joint managing
director and Shanti Ekambaram as deputy managing director,
effective March 1.
    Both Manian and Ekambaram have been with Kotak for more than
two decades and were last serving as whole-time directors.
     Manian will oversee wholesale bank, commercial bank,
private banking, asset reconstruction division and wholesale
credit, while Ekambaram will drive treasury and global markets
businesses in addition to her existing portfolio, the bank said
in a statement. 
    The appointments come as multiple local media reports had
said Manian was short-listed as a CEO candidate for Federal Bank
 FED.NS .
    In September, billionaire Uday Kotak, who founded Kotak
Mahindra Bank, resigned as managing director and CEO four months
before his term was set to end.
    Manian and Ekambaram were among the top runners to replace
Uday Kotak but the role went to veteran banker Ashok Vaswani.
    Meanwhile, the lender also named Devang Gheewalla as
president and group chief financial officer, effective April 1.
    Kotak's shares closed down marginally at 1,731.40 rupees on
Monday. They had risen 4.4% in 2023, underperforming a 12.4%
gain in the Nifty bank index  .NSEBANK .

 (Reporting by Sethuraman NR in Bengaluru; Editing by Savio
D'Souza)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))