2 hrs ago
Kotak Mahindra Bank commercial banking chief Manish Kothari quits
Manish Kothari is leaving Kotak Mahindra Bank on September 30.
He has worked at the bank for nearly 30 years.
Kothari said he wants to pursue a career outside the bank, possibly by starting a business.
He was the head of commercial banking.
His responsibilities included loans and services for businesses, farmers and smaller companies.
The bank has moved his work into its retail and institutional business divisions.
Kotak Mahindra Bank is also preparing for CEO Ashok Vaswani to leave on December 31.
The bank says it is working on a planned transition and will follow regulatory timelines to choose a new CEO.
Manish Kothari will step down from Kotak Mahindra Bank on September 30.
Kothari is leaving after nearly 30 years with the bank to pursue a career outside it, possibly entrepreneurship.
The bank has integrated his commercial banking portfolio into its retail and institutional business segments.
Kothari oversaw businesses including agribusiness, MSMEs, rural finance, vehicle loans, working capital, microcredit and gold loans.
His departure comes as CEO Ashok Vaswani prepares to leave at the end of his term on December 31.
- Who
- Manish Kothari, group president and head of commercial banking at Kotak Mahindra Bank, is stepping down.
- What
- Kothari is resigning from the bank, which has begun transitioning his responsibilities into its retail and institutional business segments.
- Where
- Kotak Mahindra Bank.
- When
- He will leave on September 30; CEO Ashok Vaswani’s term ends on December 31.
- Why
- Kothari said he wants to pursue a career outside the bank, possibly an entrepreneurial one.
Key facts
- Departing executive
- Manish Kothari
- Position
- Group president and head of commercial banking
- Departure date
- September 30
- Tenure
- Nearly 30 years at Kotak Mahindra Bank
- Portfolio transition
- Commercial banking responsibilities are being integrated into the retail and institutional business segments
- CEO transition
- Ashok Vaswani has decided not to seek reappointment and will complete his term on December 31
- Successor process
- The bank says it will complete the CEO appointment process within applicable regulatory timelines
Quotes
Manish Kothari
Kotak Mahindra Bank’s outgoing group president and head of commercial banking
“Over the last few months, I have worked closely with the whole-time directors (WTDs) and with all my business heads to ensure a strong handover of the various businesses and, as things stand today, I am personally quite satisfied with the outcome”
livemint.com
“This has reference to our conversation a few months back wherein I had discussed with you regarding my interest in pursuing a journey outside of Kotak (possibly an entrepreneurial one)”
livemint.com
Sources
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