KVS Manian new joint managing director in Kotak Mahindra Bank reshuffle

Mumbai: Private sector lender Kotak Mahindra Bank announced significant leadership changes on Monday, including re-designating whole-time director KVS Manian as the joint managing director effective 1 March.

Manian, an alumnus of the Indian Institutes of Technology (BHU) – Varanasi, with a degree in electrical engineering and a postgraduate in financial management from Jamnalal Bajaj Institute of Management Studies, Mumbai, alongside being a Cost and Works Accountant, brings nearly three decades of experience within Kotak to his new role.

In addition, Shanti Ekambaram has been named deputy managing director, also effective March. Ekambaram, who has over 30 years of service at Kotak, holds a commerce degree, is a chartered accountant, and a Cost and Works Accountant.

These appointments are subject to approvals, the bank said.

Meanwhile, the bank also said it has appointed Devang Gheewalla as the chief financial officer and designated him as the president and group chief financial officer from April. His appointment would be effective after Jaimin Bhatt, the incumbent group president and group chief financial officer superannuates on 31 March.

That apart, Kotak Mahindra Bank said it has appointed chief technology officer Milind Nagnur as the chief operating officer from April.

“It may be noted that Nagnur shall continue to be the bank’s chief technology officer and will also be responsible for operations of the bank as also the group technology architecture and cyber Security,” the bank said in a regulatory filing.

It also announced the appointment of its present chief risk officer Paul Parambi as the group chief risk officer, with effect from March.

Last year, the bank announced that former Barclays veteran Ashok Vaswani will be the new chief executive officer, taking over from founder and billionaire banker Uday Kotak. The Reserve Bank of India approved a three-year term for Vaswani, who took over his new role on 1 January.