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MUMBAI, Oct 21 (Reuters) - India's central bank has approved the appointment of veteran banker Ashok Vaswani as managing director and chief executive of Kotak Mahindra Bank (KTKM.NS), the private lender said in an exchange filing on Saturday. Vaswani's appointment comes after billionaire Uday Kotak, who founded Kotak Mahindra Bank, resigned as the MD and CEO last month in a surprise move, citing personal reasons. Dipak Gupta, currently the managing director and CEO, will carry out the chief executive duties until Dec. 31, the bank had said last month. "I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank," Kotak said in the filing, describing him as a "world class leader" with digital and customer focus. KVS Manian and Shanti Ekambaram, the two most senior bankers at Kotak Mahindra Bank, will remain on the board and keep their current roles, Gupta added.

Persons: Ashok Vaswani, Vaswani, Vaswani's, Uday Kotak, Dipak Gupta, Kotak, Gupta, KVS Manian, Shanti Ekambaram, Siddhi Nayak, Ira Dugal, William Mallard Organizations: Kotak Mahindra Bank, Citigroup Asia Pacific, Barclays, Reserve Bank of India, Kotak, Siddhi, Thomson Locations: MUMBAI

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

☆ Uday Kotak is wanting for the market’s support
▼ + stars: | 2023-08-09 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Uday Kotak plans to remain on the board of the $44 billion lender carrying his name after he steps down as CEO in December. India’s regulator will bear that in mind as it also decides if someone from inside Kotak Mahindra Bank (KTKM.NS) can succeed the 64-year-old. In the past, the regulator has booted out private bank chiefs for poor management of bad loans and overhauled a bank board where it perceived succession planning was poor. Whatever regulators decide for Uday Kotak and his bank, having the market onside will be helpful all around. Follow @ShritamaBose on TwitterCONTEXT NEWSThe Reserve Bank of India is nudging Kotak Mahindra Bank to select someone outside the lender to succeed billionaire founder Uday Kotak as the next CEO, Bloomberg reported on July 31, citing unnamed sources.

Persons: Uday Kotak, Jamie Dimon, Kotak, Jay, Una Galani, Thomas Shum Organizations: Reuters, Kotak Mahindra Bank, Reserve Bank of India, HDFC Bank, ICICI Bank, Kotak, Reuters Graphics, nudging, Mahindra Bank, Bloomberg, Thomson Locations: MUMBAI, Mumbai

[1/2] Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak General Insurance, which is fully-owned by Indian banking giant Kotak Mahindra Bank (KTKM.NS), did not respond to Reuters queries. While the Kotak insurance unit's interest in selling a stake has been reported earlier, its talks with Zurich, the potential deal size and valuation are being reported for the first time. More than 30 companies operate in India's general insurance market, where annual premium collections grew 11% to reach $26.7 billion in 2021-22, helped by rising financial literacy and income levels, CareEdge Ratings said in a report. Already, foreign companies such as Germany's Allianz and South Africa's Lombard have general insurance partnerships with Indian banking or financial groups.

Persons: Uday Kotak, Kotak, South Africa's Lombard, Ergo, Sriram, Tom Sims, Victoria Farr, Aditya Kalra, Jacqueline Wong Organizations: Mahindra Bank, REUTERS, Danish, Zurich Insurance, Kotak, Zurich eyeing, Insurance, Asia's, Germany's Allianz, South, Thomson Locations: Mumbai, India, Zurich, MUMBAI, South Africa's, Europe, China, Frankfurt

☆ Asia's richest banker will loom over his successor
▼ + stars: | 2023-04-25 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

It will also be messy and is at odds with the regulator’s own aim to improve governance across the industry. Bosses of the country’s private-sector banks are allowed to stay in their jobs for up to 15 years. It is little surprise that more than 99% of investors voted for him to stay, per exchange filings published last week. If Kotak sits on the board, his successor - expected to be an insider – will effectively continue to work with his or her long-time boss. If things go wrong at Kotak, regulators may end up wondering who to blame.

☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ Analysis: India's post-COVID spending boom drives two-speed economy
▼ + stars: | 2022-12-21 | by ( Ira Dugal | ) www.reuters.com time to read: +5 min

The world's fifth-largest economy is expected grow 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month. Importantly, conditions are better than not just the crippling slump during India's devastating COVID surge last year but also the anemic growth of the debt-saddled last decade. "If India does everything right, we could see significant foreign inflows in the next one to two years," said Sridhar Sivaram, investment director at Enam Holdings, a privately managed investment group. India's weight in the MSCI emerging market index has already risen from 8% in 2019 to 16% as of October 2022, said Sivaram. There is also hope that global corporations will diversify supply chains away from China, which would benefit India.

☆ India bank sale sharpens valuation rivalry
▼ + stars: | 2022-12-15 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Sumitomo Mitsui Financial (8316.T), Carlyle (CG.O) and Fairfax Financial (FFH.TO) may each be eyeing some of the 61% stake on offer in $7 billion IDBI Bank (IDBI.NS), per reports by The Economic Times and Mint. These latecomers’ share of outstanding loans fell to 55% in March 2022 from 70% in 2016, per Reserve Bank of India data. CONTEXT NEWSIndia on Dec. 14 extended the deadline to submit preliminary bids for the sale of a controlling stake in IDBI Bank to Jan. 7 from Dec. 16. New Delhi intends to sell 30.48%; Life Insurance Corporation of India, which is almost entirely government-owned, will sell a 30.24% stake. Carlyle, Fairfax Financial and DBS Bank are considering bidding for at least 10% each in IDBI Bank, Mint reported on Nov. 7, citing unnamed sources.

MUMBAI, Nov 30 (Reuters) - India's biggest companies should be investing much more than they are currently, Uday Kotak, chief executive of Kotak Mahindra Bank (KTKM.NS) said in an interview at the Reuters NEXT conference on Wednesday. Across India's banking sector, lending has been rising steadily - a sign of a new private investment cycle in the world's fifth largest economy. Kotak said he believes the gap between credit and deposit growth will narrow in the next three to six months, but did not elaborate. He also said it was critical for the government to follow through on plans to privatise most state-run companies. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click here.

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