Virendra Bansal has been appointed as the new Managing Director & Chief Executive Officer of SBI Capital Markets (SBICAPS), the wholly-owned subsidiary and investment banking arm of State Bank of India (SBI).

He 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, per a SBICAPS statement.

Prior to his appointment as SBICAPS’ chief, Bansal was the Country Head for SBI’s US Operations, which includes its offices in New York, Chicago, Los Angeles, Sao Paulo and Washington DC.

The new SBICAPS’ chief 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 the retail branch handling high net-worth customers.

In a career spanning over three decades with SBI, Bansal handled assignments in diverse areas of Credit, International Banking and Retail Banking, the statement said. “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,” Bansal said.