SMBC hires Rakesh Garg as chief business officer

Rakesh-Garg-PRNEW DELHI: Sumitomo Mitsui Banking Corporation (SMBC) has hired former Barclays Bank executive Rakesh Garg as its chief business officer, according to a company release. Garg’s appointment is said to be part of a plan to accelerate the bank’s activities in India.

Garg will be spearheading the implementation of the bank’s India business strategy across corporate and institutional banking, structured and trade finance, treasury and transaction banking, SMBC said in the release.

“As we position SMBC India for long term growth, Rakesh’s appointment is an outstanding addition to the team”, Keishi Iwamoto, SMBC’s country head for India said.

“His extensive experience, managerial skills, and deep knowledge of the Indian financial markets and banking industry will help continue this growth and lead SMBC’s business to the next level”, Iwamoto said.

Garg was previously chief operating officer of Barclays Bank’s corporate and investment banking business in India and had spent 15 years with the London-headquartered bank.

Prior to Barclays, he worked in the treasury and debt capital markets business with HSBCand went on to lead the bank’s debt capital markets and risk advisory functions.

Garg graduated from Indian Institute of Technology, Delhi and has an MBA from Indian Institute of Management, Ahmedabad.