Kotak Mahindra Bank‘s director KVS Manian is reportedly among the three names who have been shortlisted for Federal Bank’s CEO job.
A CNBC-TV18 report says apart from Manian, two internal candidates have been identified for the MD and CEO role. The Kochi-based lender will be submitting the names to the RBI soon, the report added.
“This process is overseen by the board in accordance with our succession plan. The process has commenced and we are committed to ensuring a thoughtful transition,” the bank told the channel.
Manian, who has nearly three decades of experience, manages corporate, institutional and investment banking, private banking and asset reconstruction business for Kotak Mahindra Bank.
He oversaw the bank’s expansion to 600 branches and 1,000 ATMs in 10 years. The RBI had turned down a proposal from Federal Bank seeking a one-year extension for MD & CEO Shyam Srinivasan.
As per central bank’s rulings, a CEO can continue in a bank for 15 years, in case the person is not a promoter. His current term expires on September 22, 2024.
“This request [extension for one year] was made in the context of the Reserve Bank of India’s permissible limit of 15 years on the term of an incumbent MD & CEO. (Mr. Srinivasan has been the bank’s MD & CEO since 2010),” Federal Bank had informed the exchanges.
Federal Bank reported 23 per cent increase in consolidated net profit at Rs 1,035.42 crore for December quarter 2023-24, buoyed by a sharp decline in provisions and surge in non-interest income.
