Ashok Vaswani takes over as Kotak Bank’s MD and CEO

0
96
Ashok Vaswani takes over as Kotak Bank's MD and CEO
Ashok Vaswani takes over as Kotak Bank's 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.

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.

Also readThe integration of generative AI into workforce management yields numerous advantages, says Vikas Wahee, Head of Solutions, BPM & ITES, Intellicus Technologies

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter 

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.