Uday Kotak will step down from the post of managing director of the bank in December this year. Uday Kotak’s long-term vision and business acumen were instrumental in growing Kotak Mahindra Bank.
The RBI had recently recommended that the tenure of bank CEOs should be 15 years and that of promoter CEOs should be 12 years respectively. Uday Kotak’s decision was made after this. According to reports, the bank’s head of corporate banking, KVS Maniyan, and head of retail banking, Shanthi Ekambaram, will be considered for the position. Global consulting firm Egon Sehander has been appointed to hire a Chief Executive Officer. Uday Kotak holds a Bachelors in Commerce from Sydenham College, Mumbai and a Masters in Management Studies from Jamnalal Bajaj Institute of Management Studies. Along with academic excellence, business prowess has helped him in his journey ahead.
After completing his studies, Uday joined the family business of Kotak Paritti. But he was not interested in being a part of the family business, so he went ahead with his own business. More interest was in the financial services industry itself. Kotak started a bill discounting company in 1985 with an initial investment of Rs 10,000. Later it evolved into Kotak Mahindra Finance Limited. Formed in 1985, the total capital of the company was Rs 1 lakh contributed by Mahindra Group founder Anand Mahindra. Uday Kotak established Kotak Mahindra Bank in 2003. Later it grew to become one of the best private banks in the country.
