<ul><li>RBI approves appointment of <keyword id="1402053" type="General" weightage="20" keywordseo="Ashok-VAswani" source="Orion">Ashok Vaswani</keyword> as the new boss of <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>.</li><li>Vaswani was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale.</li><li>Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech.</li></ul><br />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. <br /><br /><br />The bank said that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing Director &amp; Chief Executive Officer (MD &amp; 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.<br /><br /><br />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. <br /><br /><br />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 &amp; Management Committees. He also built and ran various country and regional businesses across geographies. <br /><br /><br />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..<br /><br /><br />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.<br /><br /><br />Uday Kotak, the founder <keyword id="19221594" type="General" weightage="20" keywordseo="CEO-of-Kotak-Mahindra-Bank" source="Orion">CEO of Kotak Mahindra Bank</keyword>, 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.<br /><br /><br />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 &amp; 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.”<br /><br /><br />Dipak Gupta, Managing Director &amp; 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. “<br /><br /><br />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 &amp; 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.”<br /><br /><br />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.”<br /><br /><br />

Ashok Vaswani is new CEO of Kotak Mahindra Bank

<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers.<br /><br /></li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. <br /><br />At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. <br /><br />And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. <br /><br />Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. <br /><br />As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses.<br /><br />Vaswani 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, he 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.<br /><br />What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America.<br /><br />It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. <br /><br />While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. <br /><br />Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.”<br /><br />Interestingly, 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 too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.<br />

The CEO who believes that there’s a lot more to digitise at banks

<ul><li><strong><keyword id="46013" type="General" weightage="100" keywordseo="Kotak-Mahindra-Bank" source="Orion">Kotak Mahindra Bank</keyword>’s share price surged by 5% on Monday, a day after the company’s Q4 results.</strong></li><li><strong>The private sector lender reported an 18.22% year-on-year increase in its standalone profit.</strong></li><li><strong>The RBI restrictions will not have any material impact on the existing businesses, says the CEO.</strong></li></ul> Kotak Mahindra Bank’s share prices surged by over 5% on Monday, a day after the leading private sector lender announced its Q4 results. The company reported an 18.22% year-on-year increase in its standalone profit and a 13% increase in net interest income (NII).<br /><br />The shares of Kotak Mahindra Bank rallied 5.34% to rise to ₹1,629.30 from its previous close of ₹1,547.25. The share opened at a price of ₹1,600 and reached a high of ₹1,633 during the day.<br /><br /><cmsannotation type="cmsannotation" annotationid="Kotak Mahindra Bank Q4 results" comment="subhead" text="Kotak Mahindra Bank Q4 results"><span data-til="noop"><keyword id="6483641" type="General" weightage="20" keywordseo="Kotak-Mahindra-Bank-q4" source="Orion">Kotak Mahindra Bank Q4</keyword> results</span></cmsannotation><br /><br />Kotak Mahindra Bank reported a standalone profit of ₹4,133.30 crore and a net interest income of ₹6,909 crore.<br /><br />The lender’s net interest margin during Q4 increased to 5.28%, up from 5.22% in Q3. The company’s advances increased 20% year-on-year to reach ₹3.92 lakh crore at the end of March 2024.<br /><br />Kotak Mahindra Bank announced a dividend of ₹2 per share.<br /><br /><cmsannotation type="cmsannotation" annotationid="Good news amid recent regulatory action" comment="subhead" text="Good news amid recent regulatory action"><span data-til="noop">Good news amid recent regulatory action</span></cmsannotation><br /><br />The increase in share price due to the Q4 earnings comes as good news for investors who were hit by the sharp decline in the company’s share price due to recent regulatory action against the company by the Reserve Bank of India (RBI).<br /><br />Last month, The RBI banned Kotak Mahindra Bank from onboarding new customers and issuing new credit cards through its online and mobile banking channels. The move is expected to affect the bank’s operations under Kotak 811, which is co-headed by founder Uday Kotak’s son Jay Kotak. <br /><br />RBI’s ban was due to the deficiencies in the bank’s IT risk management. This resulted in the bank’s share price declining by over 12% on April 25.<br /><br /><cmsannotation type="cmsannotation" annotationid="Analysts set a target price of up to ₹1,900" comment="subhead" text="Analysts set a target price of up to ₹1,900"><span data-til="noop">Analysts set a target price of up to ₹1,900</span></cmsannotation><br /><br />After its Q4 earnings, analysts have given a “Buy” recommendation for Kotak Mahindra Bank and have set its target price to up to ₹1,900.<br /><br />Yes Bank Securities has said that it has upgraded the bank to “Buy” for the first time and has revised the target price to ₹1,900. As per the financial advisor, the RBI order won’t dramatically impact the profitability. <br /><br />“Margin has expanded on a sequential basis in a sign that the bank is managing overall spread outcomes well,” said Yes Bank Securities.<br /><br />Axis Securities has also given a “Buy” recommendation for Kotak Mahindra Bank and has set a target price of ₹1,755.<br /><br /><cmsannotation type="cmsannotation" annotationid="Winning back the trust is the priority, says Ashok Vaswani" comment="subhead" text="Winning back the trust is the priority, says Ashok Vaswani"><span data-til="noop">Winning back the trust is the priority, says Ashok Vaswani</span></cmsannotation><br /><br />In the first media interaction as the managing director and the chief executive officer, Ashok Vaswani said that his priority is to get back to business as usual and get ready to come back roaring. During the earnings call, he said that the central bank’s regulatory actions will likely impact its profit before tax by ₹300 to ₹450 crore in FY25.<br /><br />According to a <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbis-ban-to-impact-reputation-of-kotak-mahindra-bank-more-than-financial-ashok-vaswani/articleshow/109845161.cms">report</a> in the Economic Times, he said, "What is evident is that our efforts have fallen short of what the regulator expects. My commitment is to further accelerate our efforts and investments. Winning back the trust and reputation with our customers and regulators is the number one priority for me and management.” <br /><br />Ashok Vaswani took charge of the company as MD and CEO on January 1 this year. And a strong performance in the first quarter under his leadership is bound to boost confidence among investors.<br /><br />“The restrictions will not have any material impact on the existing businesses. But it will have an impact on the reputation and the franchise. I am more worried about the reputation impact than the financial impact,” he said when asked about the impact of the RBI’s action.<br /><br />Overall, the impact of RBI’s crackdown may not be as severe for Kotak Mahindra Bank as it was for Paytm Payments Bank. However, it remains to be seen how soon the bank can regain consumer and investor’s trust in its operations.<br /><br /><em>Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.</em><br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><br /><br /><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a><br /><br /></strong><a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-ns400z-launched-at-1-85-lakh-becomes-cheapest-400cc-bike-in-the-country/slidelist/109810458.cms"><strong>Bajaj Pulsar NS400Z launched at ₹1.85 lakh, becomes cheapest 400cc bike in the country</strong></a><br />

Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c9b90bd7563b0043b4709ab-2400/2019-03-07t153128z1lynxnpef261crrtroptp4britain-barclays-qatar.jpg" border="0" alt="FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/File Photo" data-mce-source="Reuters" data-mce-caption="FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration" /><p class="source"><span>Reuters</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Tim Throsby, head of Barclays' international division and investment bank, is leaving after little more than two years. </li><li>The bank outlined a broad swathe of management moves, was an explosive one for a company already grappling with activist revolt.</li></ul><p>Tim Throsby, head of Barclays' international division and investment bank, is leaving the UK bank after little more than two years. </p><p>The company's statement, which outlined a broad swathe of management moves, was an explosive one for a company aleady grappling with activist revolt. Throsby was brought in with great fanfare from bigger US rival JPMorgan in 2017. </p><p>Ashok Vaswani, who heads Barclays UK, "will take on a newly created role within the Group as Global Head of Consumer Banking &amp; Payments, reporting to Group CEO, Jes Staley," the company said.</p><p>Vaswani's role "oversees the execution of plans for the group's consumer banking and cards &amp; payments businesses in the UK and internationally." </p><p>Throsby left "as a consequence of the changes announced today," according to the firm.</p><p>Barclays CEO Jes Staley said in the statement: "We are grateful to Tim for his stewardship of Barclays International and BBPLC, and for his service to the Group more broadly. We wish him well for the future."</p><p>The other management changes included: </p><ul><li>"The Corporate &amp; Investment Bank will be managed as three distinct, though connected, units - Global Banking; Global Markets; and the Corporate Bank - all reporting directly to the Group CEO, Jes Staley."</li><li>"Global Banking will comprise Barclays' Advisory, DCM, and ECM businesses. It will be led by Joe<br />McGrath, the Global Head of Banking."</li><li>"Stephen Dainton, currently Global Head of Equities, will act as interim Global Head of Markets,<br />while Barclays conducts an internal and external search for a permanent appointee to this crucial<br />role."</li><li>"Alistair Currie will lead Barclays' Corporate Bank as Head of Corporate Banking."</li><li>"All three will report to Jes Staley, and join the Group Executive Committee, effective April 1, 2019."</li></ul><p>All of the moves are subject to regulatory approval, the company said. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">12 everyday phrases that you're probably saying incorrectly</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/UvTbwnjJ-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Barclays delivers a bombshell as investment-banking head Tim Throsby steps down

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/561630ecdd0895e32a8b4619-2933-2200/barclays-cup-chelsea-1.jpg" alt="barclays cup chelsea" data-mce-source="Laurence Griffiths/Getty Images" /><p class="source"><span>Laurence Griffiths/Getty Images</span></p><p class="caption">The Barclays Premier League Cup.</p></div><p></p></div></div>Barclays customers will be able to use Apple Pay in early 2016, <a href="http://www.macrumors.com/2015/10/07/barclays-apple-pay-uk-early-2016/">MacRumors reports.</a></p><p>The British bank <a href="http://uk.businessinsider.com/barclays-promises-to-support-apple-pay-at-some-point-2015-7">promised to support</a> Apple Pay shortly after the service launched in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, despite trying to counter it with the launch of three of its own new contactless payments devices.</p><p>Now the bank has finally given one of its customers a rough estimate of when Barclays customers will be able to start using Apple Pay. Barclays CEO of personal and corporate banking Ashok Vaswani sent a statement to customer Mike Jobson, who had been <a href="http://mikejobson.blogspot.co.uk/2015/10/barclays-apple-pay-next-year.html">chasing the bank</a> for news of Apple Pay support:</p><p style="padding-left: 30px;">We have signed up for ApplePay and will launch it very early in the New Year. We truly value your custom and hope that you continue to bank with us particularly since we are launching this shortly.</p><p>Here are all the UK banks that <a href="https://support.apple.com/en-gb/HT204916">currently support</a> Apple Pay:</p><ul><li>American Express</li><li>Bank of Scotland</li><li>First Direct</li><li>Halifax</li><li>HSBC</li><li>Lloyds</li><li>M&amp;S Bank</li><li>MBNA</li><li>Nationwide Building Society</li><li>NatWest</li><li>Royal Bank of Scotland</li><li>Santander</li><li>Ulster Bank</li></ul><p>The contactless payment service was <a href="http://www.bbc.co.uk/news/business-33063748">previously constrained</a> to payments of just £20 ($30), but the UK Cards Association, an industrial card payment group, <a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">recently </a><a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">raised </a>the limit of contactless card payments to £30 ($46).</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-california-drought-shadeballs-los-angeles-2015-8">'Shade balls' are being used across California to combat the drought </a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="x1dm55djq96zgcI3eC5Fl7nCEzdjY2Hf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'x1dm55djq96zgcI3eC5Fl7nCEzdjY2Hf',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

You Searched For "CEO Ashok Vaswani" and got 5 results

Ashok Vaswani is new CEO of Kotak Mahindra Bank

Malini Bhupta

The CEO who believes that there’s a lot more to digitise at banks

Malini Bhupta

Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO

Sourabh Jain

Barclays delivers a bombshell as investment-banking head Tim Throsby steps down

Trista Kelley

Barclays is going to support Apple Pay early next year

Lucy England