The Reserve Bank of India (RBI) nods for the appointment of Ashok Vaswani as Kotak Mahindra bank’s next Managing Director & Chief Executive Officer (MD & CEO) following veteran banker Uday Kotak’s resignation from the post previous month after being associated with the bank for the last 21 years.
According to a regulatory filing by Kotak Mahindra Bank, Vaswani’s appointment is effective as of January 1, 2024, and will last for three years beyond the date of taking over. The private lender also stated that the nomination is contingent to shareholder approval.
With over thirty years of experience in the banking industry, the international banker began his career with Citigroup and more recently joined Barclays as CEO of Barclays Bank, UK. He later went on to lead the company’s worldwide consumer, private, corporate, and payments operations.
He is currently the President of the US-Israeli AI Fintech company Pagaya Technologies Ltd. Along with his support of Lend-AHand and Pratham, Ashok is on the boards of the London Stock Exchange Group and the SP Jain Institute of Global Management in the UK.
Commenting on the new appointment, Uday Kotak, Founder and Director, Kotak Mahindra Bank 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.”
Vaswani, expressed, “With our proven leadership team we will take the bank to new heights. 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.”
Effective September 1, Uday Kotak resigned from his position as managing director and chief executive officer of Kotak Mahindra Bank. Nonetheless, he is still serving as the bank’s non-executive director. On December 31, 2023, Uday Kotak will step down from his positions as managing director and chief executive officer of the bank.
Also Read | Uday Kotak steps down as MD & CEO of Kotak Mahindra Bank; Dipak Gupta takes interim charge
“Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO,” Kotak said.
