Kotak Mahindra Bank appoints Ashok Vaswani as MD & CEO

By Gloria Mathias

Kotak Mahindra Bank has announced that the RBI has approved the appointment of Ashok Vaswani as the bank’s Managing Director & CEO.

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

Ashok had been serving initially at Citigroup and more recently at Barclays, building and growing global businesses at scale, nurturing teams, establishing partnerships, and leveraging forward-leaning technology with a business vision to deliver growth. He brings with him executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses.

Prakash Apte, Chairman of Kotak Mahindra Bank said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD and CEO of Kotak Mahindra Bank. Ashok is a global banking leader with a proven track record of building and growing businesses on an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.”

Uday Kotak, Founder and Director, Kotak Mahindra Bank said, “I am delighted that the RBI has approved our recommendation of Ashok Vaswani, as the next MD and 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 the India of tomorrow.”

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, I am delighted to come back home.”