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.