Kotak Mahindra Bank group president and head of commercial banking Manish Kothari will leave the bank on September 30, the private sector lender said in an exchange filing on Thursday.
The bank has initiated the planned transition and integrated the commercial banking portfolio managed by Kothari into its retail and institutional business segments, the statement said.
Kothari, who has been with the bank for nearly 30 years and served on its key management team for more than 15 years, is leaving to pursue a career outside the bank, possibly an entrepreneurial one.
“This relates to a conversation we had a few months ago in which I discussed with you my interest in traveling outside Kotak (possibly entrepreneurial),” Kothari said in his resignation letter.
“Over the past few months, I have worked closely with the (WTD) staff directors and all of my business executives to ensure the safe transition of the various businesses and, as things stand today, I am personally quite satisfied with the outcome,” he said in his resignation letter.
As head of commercial banking, Kothari oversaw agribusiness, micro, small and medium enterprises (MSMEs) and corporates, rural finance, tractor and crop loans, logistics and infrastructure, commercial vehicles, commercial equipment loans, working capital, micro loans and gold loans. Previously, he headed the corporate banking team.
Kothari holds a B.Tech in Metallurgical Engineering and an MBA in Marketing and Finance from Xavier School of Management, formerly XLRI.
Kothari’s resignation comes as the bank’s managing director and chief executive Ashok Vaswani completes his three-year tenure on December 31. Vaswani decided not to seek reappointment due to personal reasons.
Vaswani, who previously worked with Barclays and Citigroup, took over as CEO on January 1, 2024. The bank said the process of appointing his successor will be completed within the applicable regulatory time frame.
During the bank’s June earnings call, Vaswani said the search for the next chief executive will likely extend beyond the bank’s internal management and that he expects the Nominating and Remuneration Committee (NRC) to take a broader view when selecting his successor.
He said the board and NRC are aware of the regulatory timeline and will submit applications to the Reserve Bank of India accordingly.
Typically, bank boards of directors send a list of candidates for the top job to the central bank about six months before the end of the incumbent’s term. Banks typically submit at least three names, including internal and external candidates, to the regulator for consideration.
For the quarter ended June, the bank’s client assets grew 16% year-on-year to ₹5.71 trillion Kotak Mahindra Bank reported 26% year-on-year growth in its net profit. ₹4,123 crore in the first quarter of FY27 and net interest income increased by 9% y-o-y to ₹7259 crores.