FSIB Recommends Ravi Ranjan As Managing Director Of SBI

The Financial Services Institutions Bureau on Thursday recommended Ravi Ranjan for the position of managing director in State Bank of India, according to a release on their website.

The recommendation comes after the FSIB interfaced with nine candidates on Thursday.

Ranjan has over 33 years of banking experience, having started his career as a probationary officer with SBI in 1991. He has held various positions in the bank both in India and overseas, across multiple functions.

He is currently the deputy managing director-global markets at the bank. He looks after the entire investment portfolio of SBI, with investments of over $196 billion.

He headed the corporate accounts group of SBI as deputy managing director having a business portfolio of Rs 6.68 lakh crore. He also has experience heading 1,259 branches of SBI, Chennai Circle, as chief general manager.

Having been DGM & Head Equity, he has led the team that managed the bank’s proprietary investments in equity and mutual funds with portfolio size. He also worked as vice president and head-syndications at Hong Kong looking after syndicated loan and fixed income portfolios.

He has a master's degree in business administration from MDI, Gurugram, and M.Sc in Botany from Patna University.

The stock settled 0.67% higher at Rs 823.65 apiece on the National Stock Exchange before the announcement, compared to a 0.13% advance in the benchmark Nifty 50. The share price has risen 7.16% in the last 12 months and 3.61% on a year-to-date basis.

Out of the 50 analysts tracking the company, 40 have a 'buy' rating on the stock, nine recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month consensus price target of Rs 945 implies a potential upside of 14.7%.