Kotak Mahindra Bank on Friday announced that the board of directors have approved the appointment of Jaideep Hansraj, currently Managing Director of Kotak Securities Limited, a wholly-owned subsidiary of the Bank, as Group President. “With reference to the captioned subject, we wish to inform you that, as part of the organisational restructuring at the Bank, the Board of Directors have, at their meeting held today, appointed Jaideep Hansraj, currently Managing Director of Kotak Securities Limited (KSL), a wholly-owned subsidiary of the Bank), as Group President – One Kotak of the Bank, for engaging in the collaboration and oversight of subsidiaries of the Bank,” it said in a regulatory filing.
In his new role, Jaideep Hansraj will be a Senior Management Personnel of the bank. Shripal Shah, currently the Chief Operating Officer of KSL, will take over as the Managing Director of KSL, with effect from April 1, 2024 or the date after the receipt of statutory/ regulatory approvals as required, it said.
Jaideep Hansraj has held the position of the Managing Director of Kotak Securities Limited, since July 15, 2019. He joined the Kotak Mahindra Group in July 1993. He earlier served as the Chief Executive of Kotak Mahindra International Ltd. (a subsidiary of Kotak Mahindra Finance Limited) in Dubai and as the head of Kotak Securities’ private client division. Prior to his current position at KSL, he was CEO – Wealth Management and Priority Banking at the Bank.
Earlier in February, Kotak Mahindra Bank had re-designated KVS Manian who was then a whole-time director and a key managerial personnel, as the Joint Managing Director and a key managerial personnel of the bank, with effect from March 1, 2024. He replaced ex-Joint Managing Director Dipak Gupta, and Shanti Ekambaram as Deputy Managing Director from March 1.
The bank also redesignated Shanti Ekambaram, the then whole-time director and a key managerial personnel of the bank, as the Deputy Managing Director, with effect from March 1, 2024.
Kotak Mahindra Bank had also announced the appointment of Devang Gheewalla as the Chief Financial Officer and a Key Managerial Personnel of the bank, designated as President and Group Chief Financial Officer, with effect from April 1, 2024 consequent upon the superannuation of Jaimin Bhatt, currently Group President and Group Chief Financial Officer, on March 31, 2024.