Mumbai, Kotak Mahindra Bank on Tuesday announced that its Joint Managing Director KVS Manian, a veteran private sector lender, has resigned with immediate effect.
Mannion, who had been with the lender for nearly three decades, was promoted to management in January.
The surprise news of the departure comes days after the RBI imposed severe business restrictions on the lender, including barring it from selling credit cards for deficiencies in its technical architecture.
A bank statement said Manian, who led various businesses including consumer, commercial, wholesale and private banking, has resigned from his post with immediate effect.
The bank statement did not mention anything about Mannion's future plans or the reasons for his immediate departure.Days before his promotion, some media reports had suggested that Manian, who was earlier speculated to replace Uday Kotak as CEO and MD of Kotak Mahindra Bank, would head a smaller rival bank. .
On Tuesday, Kotak Mahindra Bank said its deputy managing director Shantha Ekambaram will look after investment banking and institutional equity, and asset reconstruction businesses, which were overseen by Manian, while the bank's newly appointed MD and CEO Ashok Vaswani will look after wholesale, commercial and Will do business. Private banks report directly to them.
“Manian has spent over 29 years at Kotak and we are grateful to him for his support and we wish him all the best in his future endeavours,” Vaswani said.
Vaswani said he is confident of the strong leadership talent at Bain and its ability to take the businesses to the next level in the times to come.On Tuesday, Kotak Mahindra Bank shares closed 1.01 per cent lower at Rs 1,623.75 on the BSE, while it was down 0.25 per cent on the benchmark.
Mannion, who had been with the lender for nearly three decades, was promoted to management in January.
The surprise news of the departure comes days after the RBI imposed severe business restrictions on the lender, including barring it from selling credit cards for deficiencies in its technical architecture.
A bank statement said Manian, who led various businesses including consumer, commercial, wholesale and private banking, has resigned from his post with immediate effect.
The bank statement did not mention anything about Mannion's future plans or the reasons for his immediate departure.Days before his promotion, some media reports had suggested that Manian, who was earlier speculated to replace Uday Kotak as CEO and MD of Kotak Mahindra Bank, would head a smaller rival bank. .
On Tuesday, Kotak Mahindra Bank said its deputy managing director Shantha Ekambaram will look after investment banking and institutional equity, and asset reconstruction businesses, which were overseen by Manian, while the bank's newly appointed MD and CEO Ashok Vaswani will look after wholesale, commercial and Will do business. Private banks report directly to them.
“Manian has spent over 29 years at Kotak and we are grateful to him for his support and we wish him all the best in his future endeavours,” Vaswani said.
Vaswani said he is confident of the strong leadership talent at Bain and its ability to take the businesses to the next level in the times to come.On Tuesday, Kotak Mahindra Bank shares closed 1.01 per cent lower at Rs 1,623.75 on the BSE, while it was down 0.25 per cent on the benchmark.
