MUMBAI: International banker Ashok Vaswani, who until last year was at a senior role in British bank Barclays, will succeed Uday Kotak as MD & CEO at Kotak Mahindra Bank, the fourth largest private lender. The bank said that the RBI had approved the appointment recommended by the board.
Vaswani is currently president of Pagaya Technologies, an Israel-based fintech that develops solutions for real-time customer credit enhancement. Vaswani, 63, is a veteran banker who started his career earlier with Citi Group and later with Barclays until 2022, when he stepped down as head of UK’s retail banking operations and chief digital strategy officer. He is a chartered accountant and a commerce graduate from Sydenham College of Commerce.
Last month, Kotak stepped down in a surprise move ahead of the end of his term to facilitate a smooth transition. The board had appointed Dipak Gupta as CEO for four months. Kotak continues on the board as a non-executive director.
The announcement accompanied the bank’s financial results for second quarter with Kotak reporting a standalone net profit of Rs 3,191 crore, an increase of 24% over the Q2FY23.