June 27 (Reuters) – Kotak Mahindra Bank said on Saturday its CEO and managing director, Ashok Vaswani, will not seek reappointment after his term ends on December 31, 2026 for personal reasons, prompting India’s fourth-largest private lender to begin a search for a successor.
The bank said the process will be completed within applicable regulatory timelines.
Vaswani, a former Barclays and Citigroup banker, took charge as CEO on 1 January, 2024.
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The succession process comes as Kotak Mahindra Bank is emerging from a period of regulatory scrutiny and looking to accelerate growth. The bank is aiming to become India’s third-largest private lender by after-tax profit, Vaswani told Reuters in an interview earlier this month.
Kotak Mahindra reported a 13% rise in its net profit to 40.27 billion rupees in the fourth-quarter of 2025-26, helped by stronger lending growth and lower provisions.
(Reporting by Rishika Sadam and Ashwin Manikandan; Editing by Andrew Heavens, Alexandra Hudson)