Kotak Mahindra Bank’s new MD & CEO, Ashok Vaswani, has set a big goal for the bank – to become the third-largest private bank in India by profit and return on equity by 2030. In his first interview since taking charge in January, Vaswani said the bank is open to making acquisitions to achieve this target.
Currently, Kotak Mahindra Bank is the fourth-largest profitable private bank in India, with profits of ₹18,213 crore, trailing behind HDFC Bank, ICICI Bank, and Axis Bank. These banks have bigger networks and assets, but Vaswani plans to close the gap using technology and simplifying processes to grow faster.
Vaswani, the first CEO not from the founding family, is confident that with the right strategies, Kotak Mahindra can secure the third spot in private banking and also grow its subsidiaries to rank among the top five or even top three in their sectors.
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