International banker Ashok Vaswani to head Kotak Mahindra Bank


PTI, Oct 21, 2023, 4:42 PM IST

Ashok Vaswani (Source: LinkedIn profile)

New Delhi: Kotak Mahindra Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the bank’s Managing Director and Chief Executive Officer (MD & CEO) for a period of three years.

Vaswani, who has worked with Barclays in the recent past, will succeed Uday Kotak who quit as MD of the bank effective September 1.

At present, Vaswani is President of Pagaya Technologies Ltd – a US-Israeli AI Fintech. He is also on the Board of the London Stock Exchange Group, the SP Jain Institute of Global Management, UK and supports various philanthropic organisations, including Pratham, and Lend-AHand.

The appointment is subject to shareholders’ approval, Kotak Mahindra Bank said in a statement.

Vaswani has a proven track record spanning three-and-a-half decades, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward-leaning technology, with a compelling business vision to deliver strong bottom-line growth, it said.

Interim MD & CEO Kotak Mahindra Bank Dipak Gupta said, “Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer-centric financial institution for the future.”

Founder director of the bank Uday Kotak said “Ashok is a word-class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”

Kotak was set to retire from his executive role in December. However, it was cut short four months ahead of schedule. His early exit from the country’s fourth-largest bank was cited as a personal reason.

This came as the Reserve Bank of India capped the tenure of a managing director and chief executive officer at 15 years in private sector banks. This is due to the RBI’s norms on leadership appointment which was reviewed after the Yes Bank debacle.

Kotak, whose holding in the bank stands at 26 per cent, has become a non-executive director of the bank.

Commenting on the appointment, Vaswani said, “We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value. At a personal level, l am delighted to come back home.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BJP stages protest against Karnataka govt over Waqf properties row

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

India crawl to 51 for 4 after losing top-order

Nursing student suicide: Three students arrested in Kerala

Nadda’s letter to Kharge full of falsehoods: Cong

10 month baby gets new heart, new life

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Related Articles More

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

BJP stages protest against Karnataka govt over Waqf properties row

US charges against Adani, 7 others could lead to arrest warrants, extradition bid: attorney

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kerala HC denies bail to police officer accused of ‘raping’ minor Dalit girl

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.