SBI Capital Markets (SBICAPS), the wholly-owned subsidiary and investment banking arm of the State Bank of India (SBI), named Virendra Bansal as its new Managing Director and Chief Executive Officer.
He succeeds Rajay Kumar Sinha, who has been appointed as the Whole Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for three years beginning in January 2024, according to an SBICAPS announcement.
Prior to his appointment as CEO of SBICAPS, Bansal was the Country Head for SBI’s US Operations, which included offices in New York, Chicago, Los Angeles, Sao Paulo, and Washington DC.
The new SBICAPS CEO has previously served as Chief Executive Officer of SBI’s New York office and Vice-Chairman of SBI (California), the bank’s US Retail Banking subsidiary. He has also held positions as Head (Trade) and Head of the retail branch that deals with high-net-worth customers at SBI UK.
Bansal’s final position in his 30-year career was as the head of SBI’s US operations. Prior to that, he was the CEO of SBI’s California business. He also led the lender’s UK trade activities for a brief time.
“Together with the team, I aim to strengthen SBICAPS’ position both in India and overseas. We will continue our focus on driving innovation, fostering strategic partnerships and delivering exceptional value,” Bansal said on his appointment.
