State Bank of India's subsidiary SBI Capital Markets has appointed the state-run lender’s former head of US operations, Virendra Bansal, as its managing director and chief executive officer.
Bansal will replace Rajay Kumar Sinha, who will step down from the helm after a stint of 32 years at SBI. Sinha was appointed as MD and CEO of SBI Caps in July 2023.
Bansal’s appointment is in line with SBI’s practice of appointing senior executives from within the organisation.
In his 30-year-long career, Bansal was the head of SBI’s US operations head in his last role. Prior to that, he was the chief executive of SBI’s California operations. He has also headed the lender’s UK trade operations for a brief period.
“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.
SBI Caps, incorporated in 1986, has three subsidiaries, SBICAP Ventures, SBI Trustee Company and SBI Securities. It has seven regional offices including one in Abu Dhabi Global Market.
The appointment comes soon after SBI announced earlier this month that it has received its board’s permission to buy out SBICAP Ventures, the asset management arm of SBI Capital Markets, at about Rs 708 crore. The transaction is aimed at ensuring better governance at SBICAP Ventures.
The asset management subsidiary is a key limited partner in private equity funds including the NEEV Fund. It also manages the SWAMIH Fund, a pool of capital set up under the special window for affordable and mid-income housing and financed by the Ministry of Finance.
