State Bank of India rejigs senior leadership roles to boost dominance

State Bank of India, the country’s largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter.

Rajay Sinha, chief general manager in charge of global markets, will become managing director and chief executive at the brokerage arm SBI Capital Markets Ltd., the people said, asking not to be identified as the details aren’t public. Sinha replaces Amitava Chatterjee, who’ll now return to the bank to oversee its vertical catering to corporate clients. Chatterjee will be deputy managing director in his new role, they said.

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, according to the people.

Government-run State Bank of India is fortifying its dominance at a time when a merger between HDFC Bank Ltd. and its mortagage unit has created a new private-sector mega rival. State Bank posted a record profit in the previous quarter, riding on higher margins and lending income.

SBI didn’t reply to emails seeking comment on the changes.

State Bank of India