RBI Approves Appointment of Ashok Vaswani as New MD and CEO of Kotak Mahindra Bank
In a significant move, the Reserve Bank of India (RBI) has given its approval for the appointment of Ashok Vaswani as the new Managing Director & Chief Executive Officer (MD & CEO) of Kotak Mahindra Bank. This decision marks a generational shift, as Vaswani will take over from Uday Kotak, who founded the bank and served as its CEO until September 1 of this year.
Ashok Vaswani is an esteemed career banker with over three decades of experience. He has previously worked at Citigroup and Barclays, where he successfully built and scaled global businesses. Vaswani’s impressive track record includes nurturing winning teams, establishing transformational partnerships, and leveraging innovative technologies to drive strong bottom-line growth.
Vaswani has also held key leadership roles, such as Chief Executive Officer of Barclays Bank in the UK and CEO of their Global Consumer, Private, Corporate, and Payments businesses. He was also a Member of the Group Executive Committee at Barclays. Prior to that, he served as CEO of Citigroup Asia Pacific and was a Member of the Citigroup Global Operating & Management Committees. Throughout his career, Vaswani has built and managed various country and regional businesses across different geographies.
Currently, Ashok Vaswani serves as the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech company. He also sits on the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.
Vaswani’s appointment as MD & CEO of Kotak Mahindra Bank is subject to shareholders’ approval and is scheduled to begin no later than January 1, 2024. Prakash Apte, the Chairman of Kotak Mahindra Bank, expressed his confidence in Vaswani’s ability to drive growth and accelerate change at the bank.
Dipak Gupta, the Managing Director & CEO of Kotak Mahindra Bank, welcomed Vaswani to the Kotak family, emphasizing his alignment with the bank’s vision of becoming a tech-enabled, customer-centric financial institution. Uday Kotak, the Founder and Director of Kotak Mahindra Bank, expressed his delight at the RBI’s approval and described Vaswani as a world-class leader with a focus on digitalization and customers.
In response, Ashok Vaswani expressed his gratitude to the board for entrusting him with the responsibility of leading Kotak Mahindra Bank into the next phase of growth. He acknowledged the legacy built by Uday Kotak, and with the support of the bank’s proven leadership team, Vaswani aims to take the institution to new heights. He also highlighted the importance of Kotak Mahindra Bank’s role in India’s journey to becoming one of the top three economies globally within the next five years.
The appointment of Ashok Vaswani as MD & CEO of Kotak Mahindra Bank signifies a strategic shift for the bank and highlights its commitment to transformation and growth under a visionary leader.
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