NEW DELHI — The Financial Services Institutions Bureau (FSIB) has officially suggested Ravi Ranjan for the job of Managing Director at the State Bank of India (SBI). This was announced on the FSIB website. The suggestion comes after the FSIB talked to nine candidates on Thursday as part of the screening process.
Ravi Ranjan has a lot of expertise, having worked with SBI for more than 33 years. In 1991, he started working for the bank as a probationary officer. Since then, he has held a number of important positions in India and around the world. His wide range of knowledge includes many parts of the banking industry, from corporate accounts to worldwide markets.
Ranjan is currently the Deputy overseeing Director-Global Markets at SBI. He is in charge of overseeing the bank’s entire investment portfolio, which is worth more than $196 billion. Before this, he was the Deputy Managing Director of the bank’s corporate accounts group, where he handled a business portfolio worth ₹6.68 lakh crore. He has also worked in retail banking for a long time, having been the Chief General Manager over 1,259 branches in the Chennai Circle.
Ranjan also worked as DGM & Head Equity, where he was in charge of the bank’s own investments in stocks and mutual funds. He was also Vice President and Head of Syndications in Hong Kong, where he was in charge of portfolios of syndicated loans and fixed income.
Ravi Ranjan has a Master’s degree in Business Administration from MDI in Gurugram and a Master’s degree in Botany from Patna University.
After the announcement, SBI’s stock rose 0.67% to ₹823.65 on the National Stock Exchange. This was better than the Nifty 50, which rose 0.13%. The stock has gone up 7.16% in the last year and 3.61% so far this year.
Bloomberg data shows that the market’s mood toward SBI is still very optimistic. Forty of the fifty analysts that follow the firm say to “buy,” nine say to “hold,” and only one says to “sell.” The average 12-month consensus price objective of ₹945 suggests that the stock might go up by 14.7%.