Veteran banker Ashok Vaswani took over as the managing director (MD) and CEO of Kotak Mahindra Bank on Monday, the bank said.
Following the resignation of founding director Uday Kotak as the bank’s CEO on September 1, 2023, he succeeded Dipak Gupta as temporary MD and CEO.
As of January 1, 2024, Ashok Vaswani will serve as the Bank’s CEO and Managing Director, according to a regulatory filing by Kotak Mahindra Bank.
For a three-year term, starting in October 2023, Vaswani will serve as the bank’s MD and CEO, after approval by the Reserve Bank of India (RBI).
He graduated from Sydenham College of Commerce and Economics, much like Uday Kotak. Vaswani is also a certified company secretary and chartered accountant.
Vaswani has just been employed by Barclays. Before this, Vaswani held the position of President of the US-Israeli AI Fintech company Pagaya Technologies Ltd.
His track record spans three and a half decades, having first gained experience at Citigroup and most recently at Barclays.
In addition, the regulatory filing said that CS Rajan has taken over as the bank’s chairman.
Prakash Apte’s tenure as board chairman ended on December 31, 2023, and Rajan was appointed as the board’s part-time chairman in his place.
According to the petition, Rajan was named as an Independent Director on the bank’s board of directors effective October 22, 2022.
He was a 1978-batch IAS official who retired in 2016 as the government of Rajasthan’s chief secretary.
Eli Leenaars, whose full name is Cornelis Petrus Adrianus Joseph Leenaars, has taken on the role of Independent Director of the Bank, effective January 1, 2024, according to the filing.
