Ashok Vaswanio on Saturday informed Kotak Mahindra Bank’s board that he does not wish to seek re-appointment as Managing Director & CEO upon completion of his current term on December 31, 2026. The Bank’s board has initiated the process of finding a new chief.
Ashok Vaswani has informed Kotak Mahindra Bank’s board that he does not wish to seek re-appointment as Managing Director & CEO upon completion of his current term on December 31, 2026.
Vaswani, who took over the reins of India’s fourth largest private sector bank from Dipak Gupta (MD & CEO from September 2023 till December 2023) on January 01, 2024, cited “personal reasons” for not seeking re-appointment.
“The Board has, at its meeting held today, respected his decision and has initiated the process for the appointment of a new Managing Director & CEO. The process will be completed within applicable regulatory timelines,” the private sector bank said in a regulatory filing.
There are three internal contenders in the rank of Whole-Time Director for the top position at the Bank — Jaideep Hansraj, Paritosh Kashyap and Anup Kumar Saha. The board could also spread the net wider to bring in an external candidate as MD & ceo, just like it did when it brought in Vaswani.
Before joining Kotak Mahindra Bank, Vaswani held leadership roles at Citigroup, Barclays and Pagaya Technologies.
Vaswani, who has over 35 years of global banking experience, has held leadership roles at Citigroup, Barclays and Pagaya Technologies.
Kotak Mahindra bank’s net profit for Q4FY26 increased to ₹4,027 crore, up 13 per cent year-on-year (y-o-y) from ₹3,552 crore in Q4FY25. Net profit for FY26 at ₹14,008 crore, nudged up 2 per cent y-o-y from ₹13,720 crore in FY25 (excluding gain on Zurich Kotak General Insurance divestment).
Published on June 27, 2026
