Kotak Mahindra Bank on Friday announced the appointment of Ashok Vaswani as the Managing Director & CEO, following the receipt of approval from the Reserve Bank of India under Section 35B of the Banking Regulation Act, 1949, the company announced through an exchange filing.
In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the bank's Board of Directors, in a meeting held today, has appointed Vaswani as a Director, Managing Director, and CEO, designating him as a Key Managerial Personnel of the institution.
The appointment, effective from January 1, 2024, spans a three-year tenure, subject to the approval of the bank's members.
This transition comes as Dipak Gupta's tenure as the Managing Director & CEO and a Key Managerial Personnel of the Bank concludes on December 31, 2023.
Brief profile
Ashok Vaswani, 62, boasts an illustrious career spanning three and a half decades, notably at Citigroup and Barclays. With extensive experience in global business development, he held pivotal roles including Chief Executive Officer at Barclays Bank, UK, overseeing Global Consumer, Private, Corporate, and Payments divisions.
Formerly serving as CEO of Citigroup Asia Pacific and contributing as President of Pagaya Technologies Ltd, a US-Israeli AI Fintech firm, Vaswani brings invaluable expertise in team leadership and fostering transformative partnerships.
Alongside his corporate achievements, he actively supports philanthropic causes like Pratham and Lend-A-Hand while lending his expertise to prestigious boards such as the London Stock Exchange Group and the SP Jain Institute of Global Management.
His educational background includes a Bachelor's degree in Commerce, Economics, and Accountancy from Sydenham College of Commerce and Economics (Bombay University), coupled with professional certifications from the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. Additionally, he completed Executive Education at Stanford University Graduate School of Business.
Kotak Mahindra Bank shares
The shares of Kotak Mahindra Bank on Friday at 12:11 pm IST were at Rs 1,768.70, down by 0.23 percent.
