Kotak Mahindra Bank has named Ashok Vaswani as its Managing Director (MD) and Chief Executive Officer (CEO), effective from January 1, 2024. According to an exchange filing, Vaswani was appointed by the bank’s board for a three-year term, subject to the members’ approval.
Vaswani’s appointment comes after Dipak Gupta’s tenure as the bank’s Managing Director and CEO, which is set to expire on December 31, 2023. On October 21, the Reserve Bank of India gave Vaswani the go-ahead to take the position.
“To take charge of the office with effect from January 1, 2024, i.e., upon Mr. Dipak Gupta’s term as the Managing Director & CEO and a Key Managerial Personnel of the Bank coming to an end on December 31, 2023,” the bank said in its statement.
“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.
In a previous statement, Uday Kotak, the founder and director of Kotak Mahindra Bank, reaffirmed his faith in Ashok Vaswani, calling him a top-tier banker and leader who places a high priority on client satisfaction and digital innovation.
Vaswani has a great background in banking that he has accumulated over 35 years. His career path includes positions at companies like Citigroup and Barclays. Notably, he was the Chief Executive Officer of Barclays Bank in the United Kingdom and occupied executive roles in a number of different industries, including the payments, private, corporate, and global consumer sectors.
He is currently the President of the AI Fintech business Pagaya Technologies Ltd., which has its headquarters in both Israel and the United States. He is also a member of the London Stock Exchange Group’s board of directors.