Kotak Mahindra Bank announced on October 21 that Ashok Vaswani has received approval from the Reserve Bank of India (RBI) to take on the role of the bank’s next Managing Director & Chief Executive Officer (MD & CEO). This comes following the departure of Uday Kotak, the veteran banker and co-founder, who stepped down from the position last month.
Ashok Vaswani’s appointment is set for a three-year term, beginning from the date he assumes the role, expected no later than January 1, 2024. However, it’s essential to note that the appointment is subject to approval from the bank’s shareholders, as indicated in the bank’s press release.
Uday Kotak, Founder and Director of Kotak Mahindra Bank, expressed confidence in Ashok Vaswani, describing him as a world-class leader and banker with a strong focus on digital innovation and customer satisfaction.
“I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank. Ashok is a world-class leader and banker with a digital and customer focus. I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow,” he tweeted.
Vaswani expressed his deep appreciation for the opportunity to continue the remarkable work initiated by Uday, who is widely recognized for elevating Kotak Mahindra Bank to its present standing.
“I thank the Board for entrusting me with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. I am excited and honored to carry forward the legacy of Uday, who has built this world-class institution. With our proven leadership team, we will take the Bank to new heights,” he said.
With over three decades of industry experience, Vaswani currently serves as the President of Pagaya Technologies Ltd, an AI Fintech company based in the United States and Israel. He also holds a position on the board of the London Stock Exchange Group. Vaswani’s illustrious career includes previous roles as the CEO of Barclays Bank, UK, and the CEO of Citigroup Asia Pacific.