‘Global Indian’ to build Kotak Mahindra Bank of tomorrow: Uday Kotak on Ashok Vaswani appointed as next CEO
- Ashok Vaswani will take over as the MD and CEO of Kotak Mahindra Bank for a three-year period, the lender said in a regulatory filing.
The Reserve Bank of India (RBI) has given its nod for the appointment of industry veteran Ashok Vaswani as the next chief executive offier (CEO) of Kotak Mahindra Bank, the private's lender founder and director Uday Kotak said on October 21, as desribed Vaswani as a “global Indian” who will build the bank for the future.
“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,” Kotak posted on social media platform X, formerly known as Twitter.
Separately, the lender in a regulatory filing stated that the RBI “has approved the appointment of Ashok Vaswani as the Managing Director & CEO of the bank under Section 35B of the Banking Regulation Act, 2013”.
Vaswani will take over the charge for a “period of three years, with effect from the date of taking charge, which shall not be later than January 1, 2024,” Kotak Mahindra Bank further noted.
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Vaswani's appointment was necessitated as Uday Kotak, who was also the bank's incumbent CEO, stepped down on September 3. The bank had elevated Dipak Gupta as interim CEO till his replacement was to be appointed.
“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," Gupta said, while commenting on the appointment.
Vaswani said he was "honoured" to carry forward the legacy of Uday" who has been credited for building Kotak Mahindra Bank to its current stature. “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,” he said.
Vaswani has an industry experience spanning over three-and-a-half decades, the bank said in a release. Currently, he is the president of Pagaya Technologies Ltd - a US-Israeli AI Fintech, and also on the board of the London Stock Exchange Group. His previous stints include serving as the CEO of Barclays Bank, UK and CEO of Citigroup Asia Pacific.
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Business NewsCompanies‘Global Indian’ to build Kotak Mahindra Bank of tomorrow: Uday Kotak on Ashok Vaswani appointed as next CEO
First Published:21 Oct 2023, 03:26 PM IST
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