The board of Kotak Mahindra Bank approves Ashok Vaswani's appointment as MD & CEO
Kotak Mahindra, one of India's leading banking institutions, has recently announced an important appointment. Ashok Vaswani has been approved by the board members as the Managing Director and Chief Executive Officer. Mr. Vaswani is scheduled to take up his new role on January 1, 2024, and will hold the position for three years. The Reserve Bank of India officially approved this appointment in October.
Vaswani is an experienced banker with over thirty years of experience in the sector. He worked as the Chief Executive Officer for Barclays Bank in the UK, and later as CEO of their global businesses in consumer, private, corporate, and payments sectors. Prior to that, he was the CEO of Citigroup Asia Pacific and served as a member of the Citigroup Global Operating and Management Committees.
The appointment of Vaswani is following the resignation of Uday Kotak as the MD and CEO of Kotak Mahindra Bank in September. Kotak, also the founder, has been at the helm for 21 years and his term ends on December 31. Uday Kotak served as the MD and CEO of the bank since its inception in 2003.
In March, the bank's board approved appointing Kotak as the non-executive non-independent director for five years. In his annual letter to shareholders, Kotak had indicated about his intention to hang the boots. “Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class institution", Kotak had said.
