Ashok Vaswani, Managing Director & CEO of Kotak Mahindra Bank (KMB) has informed the Board of the Bank that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026.

“The Board has, at its meeting held today [Saturday] respected his decision and has initiated the process for the appointment of a new Managing Director & CEO.,” Kotak Mahindra Bank said on a statement.

“The process will be completed within applicable regulatory timelines,” it added.

Mr. Vaswani took over the role in January 2024 after a leadership change. Previously he has worked with Citigroup and Barclays.