Kotak Mahindra Bank to appoint Ashok Vaswani as the new MD and CEO


Kotak Mahindra Bank (‘Kotak’ or ‘the Bank’) today said Ashok Vaswani, former Citigroup banker, will be its next Managing Director & Chief Executive Officer (MD & CEO).

The Reserve Bank of India (RBI) has approved the appointment of Vaswani as the Bank’s MD&CEO. His appointment will be for a three-year period from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval, the private sector lender said in a statement today.

Vaswani has a 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.

Currently, he is President of Pagaya Technologies Ltd – a US-Israeli AI Fintech.

Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy from the Sydenham College of Commerce and Economics (Bombay University), Chartered Account and Company Secretary.

He 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 headed Citigroup in Asia Pacific and was Member of the Citigroup Global Operating & Management Committees. He also built and ran various country and regional businesses across geographies. 

Uday Kotak, Founder and Director, Kotak Mahindra Bank said Ashok Vaswani 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.”

Vaswani said, “With our proven leadership team, we will take the Bank to new heights and will ensure that KMB plays a meaningful role in India’s journey to being one of the top three economies in the world in the next five years, delivering shareholder value. At a personal level, l am delighted to come back home.”


Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd


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