Kotak Bank gets RBI nod to appoint Ashok Vaswani as MD & CEO for 3 years

MUMBAI – The Reserve Bank of India has approved the appointment of Ashok Vaswani as the managing director and chief executive officer of Kotak Mahindra Bank for a period of three years from January 1, 2024.

Vaswani has more than three decades of experience in the banking sector. He was Chief Executive Officer of Barclays Bank, UK, and subsequently CEO of their global consumer, private, corporate and payments businesses.

Prior to that, he was CEO, Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees.

The appointment of Vaswani is following the resignation of Uday Kotak as the MD and CEO of Kotak Mahindra Bank in September. Kotak, also the founder, has been at the helm for 21 years and his term ends on December 31.

Uday Kotak served as the MD and CEO of the bank since its inception in 2003.

In March, the bank’s board approved appointing Kotak as the non-executive non-independent director for five years.

In his annual letter to shareholders, Kotak had indicated about his intention to hang the boots. “Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long term perspective of nurturing a world class institution,” Kotak had said.

However, Kotak was confident that the alignment and commitment of the shareholders, board and the management will navigate the bank through the changing times.

Earlier on Saturday, the bank also reported its September quarter earnings. Its net profit increased 24% year-on-year (YoY) to Rs 3,191 crore, and net interest income grew 23.5% on year to Rs 6,297 crore.

On Friday, shares of the private sector lender nearly 2% higher on the National Stock Exchange at Rs 1,769.60. It will be interesting to see Dalal Street’s reaction to Vaswani’s appointment.

Analysts and investors will keep a watch on the transition process and the bank’s growth strategy.

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