In a surprising development, Kotak Mahindra Bank on Saturday announced that Ashok Vaswani, an outsider, will succeed its founder Uday Kotak as the chief executive officer and managing director of the private sector lender. Vaswani is presently the president of Pagaya Technologies, a US-Israel fintech firm, and has had a long career with global banks, including Citigroup and Barclays.
