Jai Kotakson of the founder rise box Who has led the business since it was founded in 1985 is not a claimant to the role KVS Manian, Whole Time Director of the firm. The billionaire will move from his chief executive position by the end of next year, after the central bank’s guidelines limit the tenure of Indian business chiefs.
“Jai is still young. He has to do his job on merit,” Manian said in an interview. He is hopeful that the board will announce his selection in the next five to six months.
Part of the new CEO’s job will be to help guide the expansion plans of Mumbai-based Kotak Mahindra. Consumer spending in India has neared its highest in more than a decade with annual credit growth in the country rising even though there are signs the economy may be slowing.
Technology, Infrastructure Financing Push
The bank recently acquired Amazon.com Inc. hired veterans of Bhavnish Lathia Also to design and lead the technology of its consumer bank as Head of Customer Experience.
According to Shanthi Ekambaram, Group President and Whole Time Director, the thrust is being towards using technology to drive the bank’s growth in all areas. Ekambaram said the bank’s competition is no longer other banks, but tech-enabled platforms providing digital consumer experience.
“In the future, banks will be more like tech companies, but offering financial products to customers,” she said in the same interview.
The new CEO will also guide the firm’s push to transition to renewable energy, along with financing infrastructure including roads and airports. Manian said shorter timelines on refinancing of infrastructure assets have added to the appeal of this market, helped by government action to make investments safer.
— With assistance from David Morris.