SBI rejigs senior leadership roles in bid to boost dominance
The State Bank of India has announced a slew of management changes amid its ongoing bid to fortifying its dominance. The development comes mere days after the mega merger between HDFC and HDFC Bank created a massive new private sector rival for SBI.
Reports suggest that at least four key executives have been given new roles. According to a Bloomberg report quoting people familiar with the matter, Rajay Sinha (currently the chief general manager in charge of global markets) is set to become the MD and CEO of SBI Capital Markets Ltd. He will replace Amitava Chatterjee in the new role, with the latter returning to the bank to oversee its vertical catering to corporate clients.
Chatterjee will be deputy managing director in his new role. Nand Kishore took over as the deputy managing director of global markets division in Mumbai last week, while Abhijit Chakravorty has been elevated as the managing director and CEO at SBI Cards.
State Bank posted a record profit in the previous quarter, riding on higher margins and lending income. The company which celebrated its 68th Bank Day at the beginning of July had also appointed Kameshwar Rao Kodavanti as CFO earlier this week.
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