Quick Note - Kotak Mahindra Bank (KMB IN) (Buy) - CEO transition; Saha looks best placed

Research evidence excerpt

Quick Note - Kotak Mahindra Bank (KMB IN) (Buy) - CEO transition; Saha looks best placed

Global Markets Research

Kotak Mahindra Bank KTKM.NS KMB IN 28 June 2026

EQUITY: BANKS

RatingCEO transition; Saha looks best placed Remains Buy

Target price INR 460 RemainsQuick Note

Closing priceKotak Mahindra Bank disclosedonJune27,2026 that MD & CEO Ashok Vaswani has informed 25 June 2026 INR 409

the Board he will not seek reappointment upon completion of his current term on 31-Dec-26, citing

personal reasons. The Board has acknowledged his decision and formally initiated the succession

process, with completion expected within applicable regulatory timelines. No shortlist has been Research Analysts

announced. India Banks

Vaswani took charge on 1-Jan-24, succeeding founder Uday Kotak after over two decades of Ankit Bihani - NFASL

founder-led stewardship. His three-year term will thus translate to exactly one completed term – a ankit.bihani@nomura.com

notably short stint for a franchise of this scale. +91 22 403 74135

Shreyas Pimple - NFASLWho are the possible internal candidates?

shreyas.pimple@nomura.com

Kotak currently has three Whole-time Directors (WTD): Anup Kumar Saha (Consumer Banking, +91 22 403 74029

Marketing and Data Analytics), Paritosh Kashyap (Wholesale Banking) and Jaideep Hansraj Shreya Shivani - NFASL

(Affluent Banking and HR) (Fig.1). While RBI approval as Whole-time Director is not a regulatory shreya.shivani@nomura.com

prerequisite for appointment as MD & CEO, it materially reduces execution risk and provides the +91 22 403 74804

Board with a clear path to completing the succession process ahead of the December deadline.

Among the internal candidates, Saha appears the strongest fit. Appointed Whole-time Director