Ashok Vaswani, Pagaya, Kotak CEO, Kotak Bank CEO, Kotak Mahindra Bank MD
Uday Kotak announced that Reserve Bank of India has approved the recommendation to appoint Ashok Vaswani as the next CEO of Kotak Mahindra Bank..Uday Kotak further added that Ashok V. Vaswani is a world class leader and banker with digital and customer focus.
Veteran banker and founder Uday Kotak’s resigned from the post last month after being associated with the bank for 21 years.
Uday Kotak said
I am proud that we bring ‘Global Indian’ home to build Kotak and India of tomorrow
In a regulatory filing.Kotak Mahindra Bank said that 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, the private lender added.
Ashok Vaswani is an international banker and has over three decades of experience in the banking sector, initially at Citigroup and more recently, at Barclays as the Chief Executive Officer of Barclays Bank, UK, and subsequently CEO of their global consumer, private, corporate and payments businesses.
He began his career as management consultant at AF Fergusom in 1985. Thereafter, he was associated with Citi Group for a long stint around 8 years. He became the CEO of Barclays in 2010 where he stayed for over 6 years.
Currently, he is President of Pagaya Technologies Ltd – a US-Israeli AI Fintech. Ashok is also on the Board of the London Stock Exchange Group, the SP Jain Institute of Global Management, UK and supports various philanthropic organisations, including Pratham, and Lend-AHand.
Ashok Vaswani, expressed,
“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.”
Talking about Vaswani’s qualification, Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business.
RBI capped the tenure of a managing director and chief executive officer at 15 years in private sector banks. RBI’s norms on leadership appointment were reviewed after the Yes Bank debacle.
Uday Kotak whose holding in the bank stands at 26 percent, has become a non-executive director of the bank.
Uday Kotak had resigned as the Kotak Mahindra Bank managing director and chief executive officer with effect from September 1. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.
He will be continuing as a non-executive director of the bank.
Uday Kotak had said
“Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.”
I am delighted that the RBI has approved our recommendation, Ashok Vaswani,as the next 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.
— Uday Kotak (@udaykotak) October 21, 2023
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