'To The Best Of My Knowledge, Manian Doesn't Have Anything In Hand': Kotak CEO

KVS Manian doesn't have any offer in his hand, according to Ashok Vaswani, managing director and chief executive officer of Kotak Mahindra Bank, in a post-results media briefing.

"To the best of my knowledge, Manian doesn't have anything in his hand right now ... to the best of my knowledge... Obviously, you'll have to ask Manian that question, but I'm not aware of anything like that," he said.

He was answering a query about the recent exit of KVS Manian, the bank's former joint managing director.

"Manian wanted to pursue other opportunities in the financial sector ... the timing made things a little difficult ...," Vaswani said. Manian was with the company for a very long time, he said. "We continue to be friends."

On April 30, KVS Manian, the whole-time director and joint MD of the bank, resigned with immediate effect to pursue other opportunities in the financial services space.

"I hereby tender my resignation from the services of Kotak Mahindra Bank for pursuing other opportunities in financial services that I am exploring. Consequently, I would also step down from the board of the bank," he had said in the letter.

Manian had worked with Kotak Mahindra Bank for almost three decades. In the letter, he also thanked Ashok Vaswani and wished him the best.

NDTV Profit previously reported that KVS Manian may be tapped as the Federal Bank's Chief Exeuctive Officer.

Responding to a question on reorganisation at the bank, Vaswani said that Kotak has good bench strength.

"At every point in time, there will be people who will retire; there will be people who will take up other opportunities ... at every point, we will think who are the internal people that can take up these opportunities," he said.

At present, after Manian's exit, Kotak Mahindra Bank's reporting structure has also been rejigged, according to the official release.

The bank's wholesale, commercial and private bank divisions will now report directly to Vaswani, the MD and CEO of the bank. The asset reconstruction division will report to Shanti Ekambaram, Deputy MD of the bank, who will also oversee investment banking and institutional equities businesses.