Ashok Vaswani Will Be New MD & CEO Of Kotak Mahindra Bank

Kotak Mahindra Bank announced on Saturday that the Reserve Bank of India had approved the nomination of Ashok Vaswani as the bank's Managing Director and Chief Executive Officer. The appointment, which is subject to shareholder approval, will last three years from the date of taking command, which cannot be later than 1 January 2024, according to the bank.

Ashok Vaswani has extensive banking expertise, having previously served as Chief Executive Officer of Barclays Bank, UK, and then as CEO of their Global Consumer, Private, Corporate, and Payments operations, as well as a member of the Group Executive Committee. According to a Kotak Mahindra Bank press release, Ashok Vaswani was CEO of Citigroup Asia Pacific and a member of the Citigroup Global Operating and Management Committees. He also established and managed a number of national and regional businesses across multiple geographies.

The international banker “brings with him significant exceptional experience with a high degree of compliance and industrial strength across Corporate and Consumer businesses,” according to a press statement from the company.

Ashok Vaswani earned a Bachelor of Commerce, Economics, and Accountancy from the Sydenham College of Commerce and Economics (Bombay University), a CA from the Institute of Chartered Accountants of India, a CS from the Institute of Company Secretaries of India, and an Executive Education certificate from the Stanford University Graduate School of Business.

“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,” Ashok Vaswani said. 

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