Kotak Bank’s New Chief Retains Veterans in Key Positions
Kotak Mahindra Bank retained its senior executives in key positions, giving them new titles as the lender reshuffled its senior management under a new chief.
(Bloomberg) -- Kotak Mahindra Bank retained its senior executives in key positions, giving them new titles as the lender reshuffled its senior management under a new chief.
KVS Manian will be joint managing director from March 1, spearheading the growth of wholesale bank, commercial bank and private banking, according to a statement Monday. He will continue to oversee institutional equities and investment banking businesses. Shanti Ekambaram will be the bank’s deputy managing director, driving growth in treasury and global markets businesses.
The announcement comes weeks after Ashok Vaswani joined the bank as its new chief executive officer in January. Manian and Ekambaram were among the contenders to succeed the bank’s billionaire founder Uday Kotak. The regulator approved Vaswani’s appointment instead of choosing an insider, in a bid to reduce Kotak’s influence on the bank he founded, Bloomberg News reported at the time.
Read More: Kotak’s New Outsider CEO Seen as Break From Billionaire Founder
The bank also expanded the role of Devang Gheewalla from April 1. He will be group chief financial officer, replacing Jaimin Bhatt who is retiring next month. Milind Nagnur, who currently serves as the chief technology officer, will take additional responsibility as chief operating officer of the bank. Paul Parambi will become the group chief risk officer from March 1, the bank said in the statement.
The appointments come as Indian banks face compressed margins amid tight liquidity and weak deposit growth. Kotak Mahindra Bank reported a net income of 30.1 billion rupees ($360 million) in the December quarter missing estimates. The new chief has said building scale would be the biggest challenge for the bank.
Read More: Kotak’s New CEO Says Scale Will be Critical for Bank’s Growth
The bank’s shares have trailed the NSE NIFTY Bank Index, falling more than 9% since the beginning of the year to close at 1731.96 rupees on Monday.
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