(Bloomberg) -- India’s central bank approved the appointment of veteran banker Ashok Vaswani as the new chief executive officer of Kotak Mahindra Bank, ending one of the most anticipated announcements on billionaire Uday Kotak’s successor.
Vaswani will take over running of India’s third-largest private lender on Jan. 1, 2024, for three years, according to a statement filed by the bank to the stock exchanges.
The bank’s founder and former CEO Uday Kotak said on X, previously known as Twitter, that “Ashok is a world class leader and banker with digital and customer focus.”
Vaswani is currently president of Pagaya Technologies Ltd., a US-Israeli artificial intelligence fintech company, according to a company statement.
He served as CEO of Barclays Bank UK and subsequently CEO of its global consumer, private, corporate and payments businesses and was a member of the Group Executive Committee. Earlier, Ashok was CEO Citigroup Asia Pacific and a member of the Citigroup Global Operating & Management Committees, the statement said.
Kotak, the founder, will remain on the board for a period of five years.
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