The Business Bytes
TBB BUREAU
NEW DELHI, OCT 21, 2023
Kotak Mahindra Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the bank’s Managing Director and Chief Executive Officer (MD & CEO) for a period of three years.
Vaswani, who has worked with Barclays in the recent past, will succeed Uday Kotak who quit as MD of the bank effective September 1.
At present, Vaswani is President of Pagaya Technologies Ltd – a US-Israeli AI Fintech.
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, it said.
Founder director of the bank Uday Kotak said, “Ashok is a word-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.”
Commenting on the appointment, Vaswani said, “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.”
