Jay Kotak assumes additional role of senior VP at Kotak Mahindra Bank

Jay Kotak, son of Uday Kotak, founder of Kotak Mahindra Bank, said he has assumed additional charge as Senior Vice-President – Conglomerate Relationships at Kotak Mahindra Bank.

“ I will work closely with the Wholesale, Private and Institutional businesses at Kotak to enhance our franchise,” Kotak wrote on his LinkedIn profile on Tuesday.

Besides this role, he was already co-heading Kotak811, which is the digital division of Kotak Mahindra Bank. In this new capacity, he will be actively involved with the wholesale, private, and institutional businesses of Kotak Mahindra aiming to augment the bank's franchise.

Kotak’s assumption of additional responsibilities, particularly in the wholesale banking division, points to the possibility that he is being prepared for the top job at the Mumbai-headquartered private lender.

Ashok Vaswani, who will be the new chief executive officer of Kotak Mahindra Bank from January 1, 2024 and his three-year term will end in December 2026.

Vaswani, the former CEO of Barclays Bank, has been announced as replacement of interim CEO Dipak Gupta on October 21. Gupta had served as interim CEO following the early retirement of Uday Kotak, the previous CEO of the bank.

Jay Kotak, who married his long-time girlfriend Aditi Arya, a former Miss India in November this year, was promoted to co-head, Kotal 811 app, in January 2021 to drive the digital initiatives of the bank. Earlier, he had worked in the retail banking and investment banking divisions of the bank.

Kotak's trajectory mimics the succession planning strategy adopted by other family-led conglomerates such as Reliance Industries and Godrej. Major Indian business figures, such as the children of Mukesh Ambani, have worked across many key sectors and roles before their inductions into company boards.

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