Mumbai, Jan. 5: Nilesh Shah has quit as the managing director and CEO of Axis Capital. Shah is likely to join Kotak Asset Management Company as managing director.

Axis Bank, the parent of Axis Capital, confirmed the development by saying that Shah had communicated his wish to pursue opportunities outside the bank. A statement from the private bank added that Dharmesh Mehta, deputy chief executive, will oversee the activities at Axis Capital in the interim period.

Shah joined Axis Bank as president, strategic initiatives - corporate banking, in March 2011 and was later appointed as managing director and CEO of Axis Capital.

'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 rising opportunities,' Shah said.

On Axis Capital's prospects, V. Srinivasan, executive director - corporate banking at Axis Bank, said the entity had built a strong investment banking franchise and was looking forward toa promising year ahead led by a recovery in the investment cycle, a strong central government and increased regulatory impetus to the capital markets.

'Axis Capital is not only a leading player in ECM (equity capital market) but has also completed prominent deals in the PE, M&A and structured finance areas,' he added.