The Reserve Bank of India has approved the appointment of Ashok Vaswani as Management Director and Chief Executive Officer (MD and CEO) of the Kotak Mahindra Bank. Ashok Vaswani replaces Uday Kotak following his resignation after spending 21 years with the bank.
As per Kotak Mahindra Bank’s regulatory filing, Vaswani has been appointed for a period of three years from the date of taking charge, which shall not be later than January 1, 2024.
While congratulating Ashok Vaswani, Uday Kotak said, “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD & 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.”
Vaswani thanked the board for entrusting him with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. “I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution,” he said.
With our proven leadership team, we will take the Bank to new heights, he said. “We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top three economies in the world in the next five years, delivering shareholder value,” Vaswani added.
The top banker who is currently based in New York also said that “he is delighted to come back home”.
Who is Ashok Vaswani?
Ashok Vaswani has been a career banker for the past three-and-a-half decades. Vaswani was initially at Citigroup and has built and grown global businesses at scale. While working with Citigroup, he was the CEO of Citigroup Asia Pacific and a Member of the Citigroup Global Operating and Management Committees.
Previously, Vaswani was the Chief Executive Officer of Barclays Bank in the United Kingdom and subsequently, he was the CEO of their Global Consumer, Private, Corporate and Payments businesses and a Member of the Group Executive Committee.
Currently, Vaswani is the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech company. He is also a board member of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.
Ashok Vaswani holds a Bachelor’s degree in Commerce, Economics and Accountancy from Sydenham College of Commerce and Economics (Bombay University). He is a qualified CA and is also part of the Executive Education programme of Stanford University’s Graduate School of Business.
(Edited by : Sudarsanan Mani)
First Published: Oct 21, 2023 6:14 PM IST
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