Vaswani’s appointment at Kotak Mahindra Bank promises a transformative future
Kotak Mahindra Bank announced Ashok Vaswani as the next Managing Director and Chief Executive Officer. This announcement follows the approval from RBI and Vaswani’s tenure as the next CEO is expected to commence no later than January 1, 2024, slated for a period of three years that is subject to shareholders’ approval.
Uday Kotak, Founder and Director of Kotak Mahindra Bank, expressed his delight at the RBI’s approval, noting that “I am delighted that the RBI has approved our recommendation of 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.”
Based on input from the media release by KMB, Vaswani has a distinguished career behind him spanning over three decades and a half decade, with terms at Citigroup and Barclays. KMB states that he has displayed exceptional ability to build and expand global business.
Prakash Apte, Chairman of Kotak Mahindra Bank, expressed his satisfaction with the RBI’s approval, stating, “Ashok is a global banking leader with a proven track record of building and growing businesses at an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.”
In his current capacity, Vaswani is the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech company. Ashok Vaswani also sits on the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.
Vaswani’s wealth of experience encompasses both Corporate and Consumer sectors, strengthened by a strong commitment to compliance and industry expertise. Dipak Gupta, the current Managing Director & CEO of Kotak Mahindra Bank, welcomed Ashok Vaswani to the Kotak family, emphasising their shared vision of transforming into a tech-enabled, customer-centric financial institution for the future.
Conveying his gratitude to the Board for entrusting him with the responsibility of leading Kotak Mahindra Bank’s journey, Ashok Vaswani said, “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 honoured 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. 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.”
