Will an IITian or a CA succeed Uday Kotak as next MD & CEO of Kotak Mahindra Bank?

IIT graduate or Chartered Accountant? Or should we consider personal interests like a passion for travel or a love for Mohammed Rafi songs? Ultimately, none of these factors will be the deciding criteria for succeeding Uday Kotak as MD & CEO.

What truly counts is banking expertise and a forward-thinking vision for taking the private sector bank to the next level in today's rapidly changing landscape.

The fate of two internal candidates — Shanti Ekambaram and KVS Manian — to replace Uday Kotak is in the hands of Reserve Bank of India (RBI). The private sector bank's board has already submitted the two names in order of preference to the RBI for approval.

The RBI actually evaluates the candidates based on its 'fit and proper' criteria, which include past experience, integrity, and other qualifications. Let's look at the credentials of the two seasoned Kotak professionals:

In May last year, the board appointed both Ekambaram and Manian as whole-time directors of the bank for a period of three years. Ekambaram is a chartered accountant by qualification, and Manian is an IITian.

Ekambaram, a chartered accountant, had earlier served as the CEO and Executive Director of Kotak Investment Banking, a role she held since 1994. In fact, those were the days when Uday Kotak was known for cracking big deals and managing the top IPOS in the country. Under her leadership, the firm actually acquired a dominant position in the market.

She and her team were instrumental in establishing a reputable franchise known for its groundbreaking transactions, such as introducing India's first book-built IPO.

Shanti, who has a passion for travelling, boasts a diverse and extensive background in capital markets, which includes IPOs, private equity, and strategic equity placements. She is also well-versed in mergers and acquisitions, fixed income, syndication & advisory, etc. In addition, her expertise extends to corporate banking, where she has experience in working capital & project financing, transactional banking services, and treasury products.

Manian, a passionate music lover who likes Mohammed Rafi songs, has been a key architect in transforming multiple business units into success stories. In a career spanning over 25 years, he has played a key role in Kotak Mahindra Bank's evolution from a non-banking financial company (NBFC) to a full-fledged bank.

In his current capacity as wholetime director, Manian leads the corporate, institutional, and investment banking divisions of Kotak Mahindra Bank, as well as the wealth management division. He has played a key role in scaling the corporate bank both in scope and profitability while keeping asset quality in check.

Before stepping into his current role, Manian took the bank from a single-branch operation to a network of over 600 branches and more than 1,000 ATMs nationwide within a decade. He was the founder of the retail liability business and later oversaw a comprehensive portfolio of consumer banking products, including home loans, credit cards, personal loans, business loans, loans against property, and MSME loans, among others.

Uday Kotak, the bank's founder, has already initiated the process for selecting a new MD & CEO by immediately moving into a non-executive director position. In the first week of September, the board has designated Dipak Gupta, the highest-ranking executive, to serve as interim Managing Director & CEO for a quarter, lasting until December of this year. As per the RBI's diktat, Kotak's tenure in his role as MD & CEO was slated to conclude in December this year.