SBM Bank has appointed Sidharth Rath as its MD. The bank had recently received license to operate as a scheduled commercial bank in India. It will be the first foreign bank to set up a wholly-owned subsidiary in India to provide universal banking service with a focus on wholesale banking, trade finance, capital market and retail banking. It is starting operations as a scheduled commercial bank on 1 December 2018. A statement issued by the bank said Rath has taken over as the MD & CEO pursuant to the approval received from the Reserve Bank of India. He was with Axis Bank as the group executive and head, Corporate, Transaction Banking and International Banking. SBM Bank is part of SBM Group, diversified financial services provider with a strong base in Mauritius, Eastern Africa and India.
