Kotak Mahindra Bank on Saturday said its Managing Director and Chief Executive Officer Ashok Vaswani will not seek reappointment after his current term ends 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 the succession process has been initiated and will be completed within applicable regulatory timelines.Vaswani, a former Barclays and Citigroup banker, took charge as CEO on January 1, 2024.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 lender by after-tax profit.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.
