SBI Capital Markets Welcomes Virendra Bansal as MD & CEO

SBI Capital Markets, a subsidiary of the State Bank of India, has named Virendra Bansal, former head of the state-run lender's US operations, as its Managing Director and Chief Executive Officer. Established in 1986, SBI Caps has three subsidiaries: SBICAP Ventures, SBI Trustee Company, and SBI Securities. The organization operates seven regional offices, including one in the Abu Dhabi Global Market. This appointment aligns with SBI's practice of promoting senior executives from within the organization.

Bansal has taken over from Rajay Kumar Sinha, who was designated as the Whole-Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term starting in January. He aims to continue driving innovation, fostering strategic partnerships, and delivering exceptional value with best-in-class investment banking solutions to clients.  

Bansal's Impactful Career at SBI

With over 30 years of experience at SBI, Bansal has managed many significant roles across the Credit, International Banking, and Retail Banking sectors. Before becoming Managing Director and Chief Executive Officer, Bansal served as the Country Head for the US Operations of SBI, overseeing offices in New York, Chicago, Los Angeles, Sao Paulo, and Washington DC. He has even headed the lender's UK trade operations for a brief period.  

Bansal expressed on his appointment that together with the team, he has aimed to strengthen SBICAPS position both in India and overseas. He stated that they would continue their focus on driving innovation, fostering strategic partnerships, and delivering exceptional value.

The appointment coincides with SBI's recent announcement earlier this month that its board has approved the acquisition of SBICAP Ventures, the asset management arm of SBI Capital Markets, for approximately Rs 708 crore. This move is intended to enhance governance within SBICAP Ventures.