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.
Ravi Ranjan (Source: LinkedIn profile)
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.
SBI Share Price
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%.
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