Kotak Mahindra Bank announced that Manish Kothari, its group president and head of commercial banking, will step down from his position on September 30. The private sector lender disclosed this in an exchange filing on Thursday, marking the end of Kothari's nearly 30-year tenure at the bank, including over 15 years in commercial banking leadership, according to livemint.com.
The bank has initiated a planned transition process, integrating the commercial banking portfolio previously managed by Kothari into its retail and institutional business segments. The filing also stated that the process to appoint a successor will be completed within applicable regulatory timelines, ensuring a smooth handover of responsibilities.
Kothari’s departure comes at a time when Kotak Mahindra Bank is restructuring its commercial banking operations to align with broader business strategies. His exit after decades with the bank highlights a significant leadership change in one of India’s prominent private sector lenders. The move may impact the bank’s commercial banking focus amid evolving market dynamics.
Kotak Mahindra Bank confirmed that the successor appointment process is underway and will adhere to regulatory requirements. The bank’s next regulatory update is expected to provide further details on the new leadership in the commercial banking division, as per the exchange filing dated September 10.