Kotak Mahindra Bank Ltd. said on Thursday that its unit Kotak Mahindra Prime Ltd. named Shahrukh Todiwala as its new managing director and chief executive officer.
Vyomesh Kapasi, who previously led KMPL, has moved to Kotak Mahindra Bank as the head of products-consumer bank. Todiwala, associated with KMPL since 1995, has been overseeing its wholesale and retail vehicle finance businesses.
"Vyomesh's extensive experience and proven track record in driving growth and innovation will be invaluable as we continue to enhance our consumer products," Kotak Mahindra Bank's Chief Executive Ashok Vaswani said in a media statement. "Shahrukh's deep understanding of the vehicle financing market will ensure that KMPL continues to thrive and deliver exceptional value to our clients and stakeholders."
A subsidiary of Kotak Mahindra Bank, KMPL provides financing for new and pre-owned vehicles, wholesale funding for dealerships, and loans against property. It operates 161 branches across 24 states, supported by a network of marketing associates and agencies.
Shares of Kotak Mahindra Bank closed 0.73% lower at Rs 1,970.55 apiece on the NSE, compared to a 0.09% decline in the benchmark Nifty. The share price has risen 11.80% in the last 12 months. The average of 12-month analyst price targets implies a potential upside of 5.6%.
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