Ashok Vaswani is new CEO of Kotak Mahindra Bank

• RBI approves appointment of Ashok Vaswani as the new boss of Kotak Mahindra Bank.
• Vaswani was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale.
• Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech.

In what is a generational shift, Kotak Mahindra Bank on Saturday said that Ashok Vaswani would step into the shoes of Uday Kotak and take over reins as MD and CEO. Vaswani is a banker who has worked with several large global banks. The move is interesting as the assumption was that an insider would take over the top job.


The bank said that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing Director & Chief Executive Officer (MD & CEO). This is for a period of three years from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval.


Ashok Vaswani has been a career banker for three and a half decades. He was initially at Citigroup and more recently, at Barclays and has built and grown 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.


Ashok was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, Ashok was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees. He also built and ran various country and regional businesses across geographies.


Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech. Ashok is also on the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK..


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


Uday Kotak, the founder CEO of Kotak Mahindra Bank, stepped down as the CEO on 1 September this year. The assumption was that one of the loyal insiders would step in his shoes. However, Vaswani is an interesting choice because he brings with him significant executional experience with high degree of compliance and industrial strength across Corporate and Consumer businesses.


Prakash Apte, Chairman of Kotak Mahindra Bank said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD & CEO of Kotak Mahindra Bank. Ashok is a global banking leader with a proven track record of building and growing businesses at an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.”


Dipak Gupta, Managing Director & CEO, Kotak Mahindra Bank said “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. “


Uday Kotak, Founder and Director, Kotak Mahindra Bank 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 digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”


Ashok Vaswani said, “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.”