Manian doesn’t have anything in his hands, says Kotak Mahindra Bank CEO & MD Ashok Vaswani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KVS Manian does not have anything in his hands, said Kotak Mahindra Bank’s Managing Director and Chief Executive Officer Ashok Vaswani Saturday, during a post-results press conference.

“Manian does not have anything in his hands right now, to the best of my knowledge… Obviously, you’ll have to ask Manian that question,” Vaswani said in response to a query regarding the recent exit of the lender’s former Joint Managing Director KVS Manian.

“Manian had aspirations… and wanted to pursue other opportunities in the financial sector which obviously made it a little more difficult from the timing perspective,” Vaswani added.

In the resignation letter, Manian had said, “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.”

Manian tendered his resignation after nearly 30 years with the private lender.

Following this development, the company has tweaked its leadership structure, according to a press release. Vaswani, MD and CEO of the bank, will oversee the bank’s wholesale, commercial and private bank divisions while the asset reconstruction division, investment banking and institutional equities businesses will report to  Deputy MD, Shanti Ekambaram.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow