Nilesh Shah quits Axis Capital; set to join Kotak group

By: |
Mumbai | Published: January 5, 2015 8:04:32 PM

Managing Director and CEO of Axis Capital Nilesh Shah, the public face of private sector lender Axis Bank's investment...

Managing Director and CEO of Axis Capital Nilesh Shah, the public face of private sector lender Axis Bank’s investment banking arm, has quit and is understood to be joining the Kotak group.

“Shah has communicated his intent of pursuing opportunities outside the bank”, said a statement from the country’s third-largest private sector lender.

It did not specify where Shah, who joined the bank in 2011 from the asset management company ICICI Prudential, was headed to. It also announced Dharmesh Mehta, the present deputy chief executive, as his replacement.

Industry sources said Shah is tipped to head Kotak Mahindra AMC as the chief executive. The move comes at a time when Kotak Bank is in the process of completing its acquisition of ING Vysya Bank

“I am thankful to Axis Bank for giving me opportunities to build key businesses within the bank. Axis Capital is today well poised to take advantage of the arising opportunities,” Shah was quoted as saying in the statement.

The bank entered the i-banking fray after acquiring Enam Securities in the same year as Shah’s joining.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Security stepped up at airports in wake of hijack alert
2Jayalalithaa govt launches ‘Amma Cement’ in Tamil Nadu
3Etihad Airways Flight 183 passengers complain of 12-hour wait on tarmac