India's Federal Bank hits record high as cenbank clears KVS Manian as new CEO
Shares of India's Federal Bank rose as much as 5.5% to a record high on Tuesday, a day after the central bank approved the appointment of veteran banker KVS Manian as the lender's new CEO, quashing concerns around management succession. Manian resigned from Kotak Mahindra Bank in April, after nearly three decades at the bank, saying he had aspirations elsewhere in the industry, and local media has said he was being considered for the CEO role at Federal Bank. The Reserve Bank of India (RBI) approved Manian's appointment as Federal Bank's managing director and CEO for three years, the lender said on Monday.