Ashok Vaswani, the current president of Pagaya Technologies and non-executive director at London Stock Exchange Group (LON:LSEG), has been approved by the Reserve Bank of India (RBI) to take over as the Managing Director and CEO of Kotak Mahindra Bank. The transition is scheduled to commence no later than January 1, 2024.
Vaswani's appointment follows a comprehensive career in banking that spans over three decades. His experience includes significant tenures at Barclays (LON:BARC) Bank UK and Citigroup (NYSE:C) Asia Pacific. The decision to appoint Vaswani overlooks K.V.S. Manian, who shares a close association with Uday Kotak, the bank's founder and substantial stakeholder with 25.87% ownership.
The new CEO also brings academic credentials from renowned institutions such as Sydenham College of Commerce and Economics, the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, and Stanford University Graduate School of Business. Both Vaswani and Uday are alumni of Mumbai’s Sydenham College and share a passion for cricket, despite their divergent professional trajectories in the banking sector.
Vaswani's appointment marks a significant step towards Kotak Mahindra Bank's growth and future prospects. He succeeds Dipak Gupta, who is currently serving as the bank's interim CEO. In addition to his professional roles, Vaswani is known for his contributions to philanthropic organizations like Pratham and Lend-A-Hand.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.