The board of Kotak Mahindra Bank has approved the appointment of Ashok Vaswani as a director, managing director and CEO of the bank.
His appointment will be for a period of three years with effect from January 1, 2024, subject to shareholder approval, the private sector lender said in a regulatory filing to stock exchanges on Friday.
Last month, the Reserve Bank of India (RBI) had approved Vaswani’s appointment as the bank’s MD & CEO for a period of three years.
Vaswani, who has worked with Barclays in the recent past, will succeed Uday Kotak, who had quit as the MD of the bank effective September 1.
At present, Vaswani is the president of Pagaya Technologies Ltd — a US-Israeli AI fintech player.
He is also on the board of the London Stock Exchange Group, the SP Jain Institute
of Global Management, UK, and supports various philanthropic organisations, including Pratham, and Lend a Hand.
Shares of Kotak Mahindra Bank ended with small losses of 0.43 per cent on the BSE as market sentiment was affected by the RBI’s decision to increase the risk weightage on unsecured consumer loans.
The lender currently has a market capitalisation of Rs 3.5 lakh crore.
Vaswani has a proven track record spanning three-and-a-half decades, initially at Citigroup and more recently at Barclays where he was CEO from 2016 to 2019.
