Kotak Mahindra Bank Appoints Ashok Vaswani as Managing Director and CEO

2 Jan 2024 , 11:49 AM

Ashok Vaswani took over as managing director (MD) and CEO of Kotak Mahindra Bank on Monday, succeeding Dipak Gupta, who served as temporary MD and CEO following the resignation of founding director Uday Kotak on September 2, 2023. Vaswani, 62, will serve a three-year tenure.

Vaswani, a seasoned banker with experience at Barclays and Citigroup, is most recognised for his position as a ‘digital evangelist’ at Barclays, where he pioneered digital banking and helped the firm recover from the 2008 financial crisis.

Vaswani, a chartered accountant and company secretary, was instrumental in revamping Barclays’ retail strategy following the global financial crisis. He is also credited for introducing digital banking to Europe with the pioneering ‘Pingit’ mobile payments service.

His return to lead Kotak Mahindra Bank, however, brings with it the difficulty of assuring management continuity, growing commercial banking, sustaining margins, and maintaining a conservative culture, as previously reported.

As Vaswani takes over as MD and CEO, industry observers will be looking to see how he navigates the bank’s issues, maintains profitability, and shows growth in a competitive market. In the second quarter, Kotak Mahindra Bank recorded a 24% increase in net profit to Rs 3,191 crore, driven by a 23% increase in net interest income.

At around 11.45 AM, Kotak Bank was trading 1.46% lower at Rs 1,881.20 per piece against the previous close of Rs 1,909.15 on NSE. The counter touched an intraday high and low of Rs 1,908 and Rs 1,878.80, respectively.

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