KVS Manian Appointed Federal Bank CEO
Manian was joint managing director at Kotak Mahindra Bank till he resigned in April.
The Reserve Bank of India on Monday accorded its approval for the appointment of Krishna Venkat Subramanian as managing director and chief executive officer of Federal Bank Ltd.
The lender said that the appointment will come into effect from Sept. 23 and will be for a period of three years. Manian will succeed Shyam Srinivasan who is set to retire in September, according to its statement to the exchanges on Monday.
Srinivasan has been at the helm of Federal Bank since 2010. NDTV Profit had first reported on February that Manian was being tapped as successor to Srinivasan.
While Federal Bank's board had originally sought a one-year extension for Srinivasan after his current tenure ended, the regulator had asked for more names in January.
Manian was joint managing director at Kotak Mahindra Bank Ltd. till his sudden resignation in April.
After Uday Kotak stepped down in September 2023, Manian was rumoured to be the first pick for the MD and CEO role at Kotak Mahindra Bank. However, the regulator approved Ashok Vaswani's appointment last year. After Vaswani took charge on Jan. 1, he had elevated Manian to the joint MD position.
At Kotak Mahindra Bank, Manian was spearheading corporate banking, commercial banking, private banking and asset reconstruction business.
Manian will now run Federal Bank, which had over 1,500 banking outlets and over 2,000 automated teller machines and cash recyclers as of March 31.
The Thrissur-headquartered lender had advances worth over Rs 2 lakh crore and deposits worth Rs 2.5 lakh crore. Retail loans constituted 56% of total loans, while the bank's current account savings account ratio stood at 29.38%. At the end of the last fiscal, Federal Bank had gross non-performing asset ratio of 2.13%, and a net NPA ratio of 0.6%.
