Board of Kotak Mahindra Bank appoints Ashok Vaswani as MD & CEO of bank

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.

Public Sector's voice PSU Watch is now on Whatsapp Channels. Click here to join

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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)