SBI Capital Markets appoints Virendra Bansal as managing director and CEO

SBI Capital Markets (SBICAPS) has announced the appointment of Virendra Bansal as the new managing director and chief executive officer of SBICAPS- the wholly owned subsidiary and investment banking arm of State Bank of India (SBI).

Virendra Bansal replaces 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 a period of three years in January 2024.

Prior to this, he was the country head for the US Operations of SBI, which included its offices in New York, Chicago, Los Angeles, Sao Paulo and Washington DC.

Bansal has also worked as the chief executive officer, SBI New York Branch and vice chairman of SBI (California) a US Retail Banking subsidiary of the Bank. He has also worked in SBI UK operations as head (trade) and head of retail branch handling high net worth customers.

In a career spanning over three decades with SBI, he has handled several important assignments in diverse areas of credit, international banking and retail banking. He brings in global expertise and experience that will further help strengthen SBICAPS’ investment banking business in India and overseas.

Commenting on his new assignment, Bansal said, "I am deeply honoured and excited to be chosen to lead SBICAPS – the country’s premier investment bank. 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 with best-in-class investment banking solutions to our clients. I look forward to this opportunity to contribute to the legacy of this renowned institution and take it to greater heights".