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Kotak Mahindra Bank's commercial realty head Sandeep Kotak quits

Sandeep Kotak led the commercial real estate lending division when the bank forayed into the sector.

Sandeep Kotak has resigned as the head of Commercial Real Estate at the Kotak Mahindra Bank, two sources told VCCircle.

Sandeep Kotak, also a Senior Executive Vice President, had completed six years in the post and Jan 24 was his last working day.

He was part of the Corporate Banking team handling the realty division. A e-mail sent to the bank did not elicit any response till the time of publishing this article. Messages sent to Sandeep Kotak also went unanswered.

The next move of Sandeep Kotak, who is not related to Uday Kotak, the promoter of the bank, could not be ascertained. Kotak Mahindra Bank, which ventured into the Commercial Real Estate (CRE) Division about six years ago, has been actively looking to venture into hospitality and health care projects for over four years.

Sources said that a replacement to his post would be identified internally and the bank has stopped hiring fresh talent outside the bank. In the past, Kotak bank filled vacant posts internally.

In 2012, Falguni Nayar had quit as managing director of Kotak Mahindra Bank after being in the company for 19 years.
She was replaced by Shanti Ekambaram, who was heading the Wholesale Banking at Kotak Mahindra Bank.

Sandeep Kotak is a BE from The Maharaja Sayajirao, University of Baroda and MBA in Finance from Devi Ahilya Vishwavidyalaya in 1995.

(Edited by Prem Udayabhanu)

(Kotak Mahindra Bank)

Kotak Mahindra Bank Ltd. (formerly known as Kotak Mahindra Finance Ltd.) is engaged in providing banking and financial services to individuals, entrepreneurs, business families, and employed professionals. It offers banking solution that include personal banking (including savings account, current accounts, term deposits, loans, etc.); non-resident banking (including non-resident accounts and deposits, money transfers, loans, investment and insurance, etc.); privy league (including personal banking, business banking, special services, financial planning, etc.); wealth management, small and medium enterprises banking (including accounts, loans and overdrafts, working capital finance, dealer finance, trade services, etc.) and wholesale banking (including funded products, not-funded products, treasury products, investment products, etc.). The firm provides loans for car, home, personal, education, tractor, loan against property, rural auto, farm equipment, home improvement loan, home loan balance transfer, gold loans, commercial vehicle loan, loan against securities, construction equipment, infrastructure and innate auto finance; card facilities such as debit, credit, prepaid cards etc; investment and insurance services; financial inclusion, convenience banking and private equity. The company was incorporated in 1985 and is based in Mumbai, Maharashtra.