Mumbai, June 27 -- Kotak Mahindra Bank on Saturday said its chief executive, Ashok Vaswani, does not wish to seek reappointment when his term ends on 31 December.

The bank said in a stock exchange filing that Vaswani had informed the board of the bank that he did not wish to seek re-appointment "for personal reasons".

"The board has, at its meeting held today, respected his decision and has initiated the process for the appointment of a new managing director and chief executive. The process will be completed within applicable regulatory timelines," it said.

The bank hired Vaswani, a former Barclays executive, after billionaire banker Uday Kotak decided to hang up his boots in September 2023.

Before joining Kotak, Vaswani was the presi...