Kotak Mahindra Bank CEO Ashok Vaswani will step down after his tenure ends; The lender begins looking for succession
Kotak Mahindra Bank on Saturday said its managing director and CEO Ashok Vaswani will not seek reappointment after his current term expires on December 31, 2026, citing personal reasons, prompting the private sector lender to begin the process of selecting his successor, Reuters reported.The bank said that the succession process has begun and will be completed within established regulatory timelines.Vaswani, a former Barclays and Citigroup banker, took over as CEO on January 1, 2024.
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His departure comes as Kotak Mahindra Bank emerges from a period of regulatory scrutiny and looks to accelerate growth. Earlier this month, Vaswani told Reuters that the bank aims to become India’s third-largest private bank in terms of after-tax profits.Kotak Mahindra Bank reported a 13% rise in net profit to Rs 4,027 crore in the fourth quarter of 2025-26, driven by stronger lending growth and lower provisions.