He succeeds Dipak Gupta, who served as interim MD and CEO after founder director Uday Kotak stepped down on September 2, 2023.
On Monday, Ashok Vaswani took over as Kotak Mahindra Bank’s managing director (MD) and CEO. He succeeds Dipak Gupta, who served as interim MD and CEO after founder director Uday Kotak stepped down on September 2, 2023. 62-year-old Vaswani will have a term of three years.
Known for his role as a ‘digital evangelist’ at Barclays, Vaswani is a seasoned banker with experience at Barclays and Citigroup. At Barclays, he pioneered digital banking, contributing to the bank’s recovery after the 2008 financial crisis.
Vaswani played a key role at Barclays as a chartered accountant and company secretary by reshaping Barclays’ retail strategy after the global financial crisis. Also, through the innovative ‘Pingit’ mobile payments service, he is associated with introducing Europe to digital banking.
As reported earlier, his return to lead Kotak Mahindra Bank comes with the challenge of ensuring management stability, scaling commercial banking, maintaining margins, and preserving a conservative culture.
How he navigates the bank’s challenges, maintains profitability, and shows growth in a competitive market is what industry leaders are watching Vaswani closely for as he assumes the roles of MD and CEO. Driven by a 23% rise in net interest income, Kotak Mahindra Bank reported a 24% increase in net profit to ₹3,191 crore in the second quarter.
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