New Delhi: The board of Kotak Mahindra Bank on Friday approved the appointment of Ashok Vaswani as a Director, Managing Director and the CEO of the bank.

Last month, the Reserve Bank of India (RBI) had approved the appointment of Vaswani as the bank's MD & CEO for a period of three years.

The board of directors at their meeting on Friday appointed Vaswani as a Director and Managing Director and CEO and a Key Managerial Personnel of the bank, for a period of three years with effect from January 1, 2024, Kotak Mahindra Bank said in a regulatory filing.

This is subject to the approval of the members of the bank, it said.

Vaswani, who has worked with Barclays in the recent past, will succeed Uday Kotak, who quit as the MD of the bank effective September 1.

At present, Vaswani is the President of Pagaya Technologies Ltd -- a US-Israeli AI Fintech player.

He 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 a Hand.

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Vaswani has a proven track record spanning three-and-a-half decades, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward-leaning technology, with a compelling business vision to deliver strong bottom-line growth.

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