Signaling a wave of transition, Kotak Mahindra Bank¡¯s board has engaged Switzerland-based consulting firm Egon Zehnder to lead a global search for a candidate to replace its billionaire founder and Asia¡¯s richest banker, Uday Kotak,?as?CEO.
The billionaire banker is expected to step down from his CEO position?by the end of next year, after central?bank?guidelines capped tenures for Indian business heads.
Amid the global search, Kotak Group presidents and whole-time directors Shanti Ekambaram and KVS Manian are the internal candidates for the top job, according to the people. People familiar with the situation told Bloomberg that the board is broadening its search to find suitable external candidates.??
63-year-old Uday Kotak has been leading the bank since its inception in 1985. It became a commercial lender in 2003. Kotak Mahindra Bank had 1,752 branches across India as of the end of 2022. Uday Kotak has a net worth of about $13 billion, according to the Bloomberg Billionaires Index.
Uday Kotak's son, Jay Kotak is not a contender for the role of CEO, Manian had said in an interview in November last year, adding, ¡°Jay is still young. He will have to work his way up on merit.¡±
Ekambaram joined Kotak Mahindra Bank in 1991 and is now its highest-ranking woman. According to the bank's website, she is in charge of several functions, including online savings accounts business, treasury, public affairs, and human resources.She continues to lead consumer banking.
Manian, who joined in 1995, is part of the group management council, heading wholesale banking and wealth management businesses. He also has oversight responsibility for investment banking and institutional equity businesses.
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Kotak Mahindra Bank has ambitious growth plans to harness the opportunities from the expansion of the Indian economy, even as it grapples with the changes brought on by technology to conventional banking models, as per Bloomberg report.
In the December quarter, the bank's net income increased by 31% to Rs 27.9 billion ($337 million), backed by strong demand for credit in India. It is also exploring a minority sale in its general insurance business. This month, it paid Rs 537 crore for Sonata Finance, a microfinance company.?
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