KVS Manian Resigns As Joint MD Of Kotak Mahindra Bank

KVS Manian, joint managing director of Kotak Mahindra Bank Ltd., has resigned with immediate effect, according to an exchange filing from the bank on Tuesday.

Manian was the whole-time director and joint MD of the bank; he got the latter role recently after a management rejig.

"...please note that Mr. Krishnan Venkat Subramanian (“Mr. KVS Manian”), ceases to be the Whole-time Director designated Joint Managing Director, with immediate effect on account of his resignation considered, noted and accepted at the above referred Board Meeting," the bank said in the filing.

In his resignation letter, Manian stated his wish to pursue other opportunities in the financial services sector, as a reason for resignation.

"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 said in the letter.

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

"I had a short stint working with you Ashok, but I am sure that with such a talented team and with you at the helm, the path ahead is truly transformational. I wish you the very best in the years ahead," the letter said.

While the resignation came into effect immediately, Manian's last day of working is not known. In his letter, too, he asked the bank to intimate about the date by which he can be relieved. As of now, his next steps are unclear.

NDTV Profit previously reported exclusively that KVS Manian may be tapped as Federal Bank's CEO.

The bank had started considering names for potential chief executive and managing director candidates as part of succession planning. And here, Manian along with Shalini Warrier and Harsh Dugar were the top contenders.

Since 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.