The Reserve Bank of India (RBI) has approved KVS Manian’s appointment as the Managing Director and CEO of Federal Bank for three years, the bank announced on Monday evening. Manian, who was previously the joint MD of Kotak Mahindra Bank, will take over from Shyam Srinivasan. Manian will start his new role on September 23, 2024, the day after Srinivasan’s term ends. Srinivasan served as MD and CEO for 14 years.
Manian left Kotak Mahindra Bank on April 30 after 29 years with the company. In February, Kotak had announced that Manian would be promoted to Joint MD from March 1. This move was seen as an attempt to retain him after the RBI chose Ashok Vaswani for the MD & CEO position. The board of Kotak had recommended Manian and Shanti Ekambaram, another long-time executive at the bank, for the top post to replace Uday Kotak. Ekambaram was also promoted to deputy MD alongside Manian.
At Kotak, Manian oversaw corporate banking, commercial banking, private banking, and asset reconstruction. He also managed investment banking and institutional equity businesses. Federal Bank noted that Manian played a key role in upgrading technology and building strong transaction banking capabilities at Kotak Mahindra Bank.
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