Ashok Vaswani takes charge as MD & CEO of Kotak Mahindra Bank

In a significant move, veteran banker Ashok Vaswani has officially taken the charge as the Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank, from January 1, 2024.

He succeeded Dipak Gupta, who held the interim MD and CEO position after the departure of the bank’s founder director, Uday Kotak, from the CEO role on September 1, 2023.

The Reserve Bank of India (RBI) had appointed Vaswani as the MD and CEO for a three-year term in October 2023, recognizing his extensive three and a half decades of experience in the banking sector, including notable roles at CitiGroup and, most recently, Barclays.

“He brings with him significant executional experience with a high degree of compliance and industrial strength across Corporate and Consumer businesses,” the Kotak Bank exchange filing said.

Described as a seasoned professional with a strong track record in compliance and industrial prowess across Corporate and Consumer businesses, Vaswani served as the CEO of Barclays Bank’s worldwide consumer, private, corporate, and payments division in the United Kingdom before taking on the leadership at Kotak Mahindra Bank.

Having previously held the position of CEO at Citigroup Asia Pacific and being a member of the Citigroup Global Operating Committee and management committees, Vaswani’s appointment is expected to bring a wealth of expertise and strategic insight to Kotak Mahindra Bank.

Vaswani graduated from the Sydenham College of Commerce and Economics (Bombay University) with a Bachelor of Commerce, Economics, and Accountancy.

He holds a CA designation from the Institute of Chartered Accountants of India, a CS designation from the Institute of Company Secretaries of India, and has completed executive education at the Stanford University Graduate School of Business.