Federal Bank on Monday announced that Krishnan Venkat Subramanian will be the next managing director and CEO of the bank with effect from September 23. The appointment ends the speculation over the successor of Shyam Srinivasan, the incumbent and longest-serving managing director and CEO of the bank.
“The RBI has, vide its letter dated July 22, 2024, approved the appointment of Krishnan Venkat Subramanian as the managing director & chief executive officer of the bank under Section 35B of the Banking Regulation Act, 2013, for a period of three years, with effect from September 23, 2024, after the expiry of the term of the current managing director & CEO on September 22, 2024,” the bank said in a regulatory filing.
In July 2021, the RBI had approved a three-year term for Srinivasan.
According to RBI norms, a non-promoter CEO can serve in a bank for a maximum of 15 years. Earlier this year, the RBI turned down Federal Bank’s proposal seeking a one-year tenure extension for Srinivasan. Subsequently, the bank’s board formed a search panel to evaluate candidates for the position of MD & CEO. There were speculations about several internal and external candidates, including Federal Bank’s executive director Shalini Warrier and Kotak Mahindra Bank’s KVS Manian.
Subramanian was the joint managing director of Kotak Mahindra Bank till April 30, 2024, spearheading corporate banking, commercial banking, private banking and asset reconstruction businesses. He was responsible for building high-quality integrated and profitable franchise across these businesses.
Prior to that, he was the head of consumer banking at Kotak Mahindra Bank.