Mumbai, June 27 -- Kotak Mahindra Bank Managing Director and Chief Executive Officer Ashok Vaswani has decided not to seek re-appointment after his current term ends on December 31, prompting the bank's board to initiate the process of appointing a new chief executive, according to a stock exchange filing on Saturday.

In its regulatory filing to the BSE and the National Stock Exchange (NSE), Kotak Mahindra Bank said Vaswani informed the board that, "for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026."

The bank said its board has accepted the decision and has already begun the succession process.

The bank also said the appointment of a new Managing Director and CEO will...