KVS Manian quits as Joint MD of Kotak Mahindra Bank

2 May 2024 , 10:54 AM

KVS Manian, who was re-designated as Kotak Mahindra Bank’s Joint MD on March 1, 2024, resigned with immediate effect on Tuesday.

Manian stated that he was resigning from Kotak Mahindra Bank in order to seek other options in the financial services sector, which he is currently researching. He also announced his resignation from the Bank’s Board of Directors.

Manian had been with the Kotak Group for a long time, playing important roles in the group’s growth and expansion into numerous financial services businesses.

Kotak Group acquired Goldman Sachs’ shareholding in 2006. Meanwhile, Manian was developing the bank’s retail strategy. Under his guidance as president of the consumer banking sector, Kotak Mahindra Bank’s network grew to over 600 branches and 1,000 ATMs in ten years. He also established the bank’s enviable retail deposit franchise and introduced crucial products such as house loans, personal loans, cards, and MSME credit.

Manian, an electrical engineer from the Indian Institute of Technology (BHU) in Varanasi, began working for the bank in 1995 after leaving Nelco, a Tata Group company. He started in compliance before moving on to corporate finance and retail loans. He was instrumental in Kotak’s transition from an NBFC to a bank, where he led a team focused on viability, decision making, and project structure for the banking company.

Under Manian’s direction, the corporate book expanded dramatically in size and profitability while retaining best-in-class asset quality. According to the bank’s FY23 annual report, institutional equities, private banking, and asset reconstruction divisions all improved in terms of leadership positions.

The bank’s FY23 annual report stated that Manian successfully integrated and refined a cohesive business strategy encompassing both asset and liability products within the consumer bank. Through this effort, he established one of the most exemplary consumer banking franchises in the Indian banking sector.

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