Shares of Kotak Mahindra Bank jumped nearly 4% to an eight-month high on Thursday after the private lender appointed Anup Kumar Saha as its Managing Director and CEO for a three-year term, effective January 1, 2027.
Saha will succeed Ashok Vaswani, who has decided not to seek reappointment when his current term expires on December 31, 2026, citing personal reasons. Vaswani took charge as MD and CEO on January 1, 2024, succeeding Uday Kotak, one of India's most prominent banking founders.
Saha currently serves as an Executive Director at Kotak Mahindra Bank and has over 32 years of professional experience, including 25 years in the financial services sector across banking and non-banking financial institutions. He joined the private lender in January 2026.
Also read | Kotak Mahindra Bank appoints Anup Kumar Saha as new MD and CEO
Nomura on Anup Saha's candidature as Kotak Mahindra Bank CEO
In an earlier note, Nomura identified Saha as one of the key contenders for the top job. He previously spent 14 years at ICICI Bank across retail banking and credit cards, followed by eight years at Bajaj Finance, where he eventually became Managing Director and CEO.
An IIT and IIM alumnus, Saha combines deep consumer finance expertise with digital execution capabilities, making him well aligned with Kotak's strategic priorities, the brokerage said.
Nomura also highlighted Saha's brief four-month stint as Managing Director and CEO of Bajaj Finance before his resignation. While the company cited personal reasons, the brokerage said it did not view the episode as a meaningful negative, particularly given his subsequent appointment as a Whole-time Director at Kotak following RBI approval.
"If Saha is the internal choice, the succession path is already substantially de-risked… We believe the CEO transition is unlikely to alter Kotak's strategic direction. Maintain Buy," Nomura had said.
Jefferies on Anup Saha's candidature as Kotak Mahindra Bank CEO
Jefferies, meanwhile, said Vaswani's decision not to seek a second term came as a surprise to investors. It noted that much of Kotak Mahindra Bank's leadership had changed since Uday Kotak's resignation in 2023.
The brokerage had also identified Saha as one of the key contenders for the role, cautioning that an external appointment could have created a near-term overhang. It added that succession quality and leadership stability would remain key drivers of the bank's growth and valuation rerating.
Also read | Kotak Mahindra Bank shares fall after CEO's surprise exit. What Nomura, Jefferies said
Kotak Mahindra Bank share price
Kotak shares rose to Rs 433.65 apiece on the NSE on Thursday, their highest level since February 10 this year. The stock has gained around 3% over the past week but declined 2% over the past month. It is down nearly 6% so far in 2026.
Over the longer term, the stock has delivered returns of 20% over the past three years and 5% over the past five years. The bank currently has a market capitalisation of nearly Rs 4.15 lakh crore.
Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
