Kotak Mahindra Bank to appoint Ashok Vaswani as new MD and CEO

Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the Bank’s next Managing Director and Chief Executive Officer (MD and CEO).

Vaswani's appointment is for a period of three years from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval.

Vaswani has over three and a half decades of experience in the banking sector, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth.

Prakash Apte, Chairman, Kotak Mahindra Bank, said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD andCEO of Kotak Mahindra Bank. 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.”

Dipak Gupta, Managing Director and CEO, Kotak Mahindra Bank, said, “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer centric financial institution for the future. “

Uday Kotak, Founder and Director, Kotak Mahindra Bank, said, “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD and CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”

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.”

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