New Delhi: Kotak Mahindra Bank recently announced that Ashok Vaswani has been granted Reserve Bank of India’s (RBI) approval to serve as the Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. Vaswani, previously associated with Barclays, will take over from Uday Kotak, who resigned as MD of the bank, effective September 1.
Currently, Vaswani holds the position of President at Pagaya Technologies Ltd, a US-Israeli AI Fintech company. He is also a board member of the London Stock Exchange Group, the SP Jain Institute of Global Management in the UK, and actively supports various philanthropic organisations, including Pratham and Lend-A-Hand.
Kotak Mahindra Bank noted that this appointment is contingent on shareholder approval, as stated in their official statement. Vaswani has a track record spanning over three and a half decades, initially at Citigroup and more recently at Barclays. He has a proven history of establishing and expanding global businesses on a large scale, fostering successful teams, forging transformative partnerships, harnessing cutting-edge technology, and delivering substantial bottom-line growth with a compelling business vision.
Interim MD & CEO of Kotak Mahindra Bank, Dipak Gupta, said, “I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”
Vaswani said, “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,” while expressing his delight to come back home to India.
