Kotak Mahindra Bank has reportedly engaged consulting firm Egon Zehnder in a global hunt to pick a successor to replace Uday Kotak whose term as MD and CEO ends in December.

While group presidents and whole-time directors Shanti Ekambaram and K.V.S. Manian are in the race, Egon Zehnder will expand the search to find suitable external candidates, a report from Bloomberg said.

Earlier there were reports that Uday Kotak’s elder son Jay was not in the race to lead the bank. Last year, the lender had given more responsibility to Jay, which generated a buzz that the new assignments were part of long-term succession planning at the bank.

In December 2020, the Reserve Bank of India (RBI) had approved the reappointment of Uday Kotak as managing director and CEO of Kotak Mahindra Bank for three more years with effect from January 1, 2021. The RBI has capped the tenure of a bank chief at 15 years. Kotak has been the bank’s managing director for more than 18 years.

Among the internal contenders, Ekambaram heads several functions, including Kotak 811, vigilance, human resources, marketing & communications, treasury, ESG and CSR.

Manian is part of the bank’s group management council and he heads the wealth management and wholesale banking businesses. He also has oversight responsibility of the investment bank.