SBI Cards appoint Ashwini Kumar Tewari as MD & CEO; stock surges 4%

Tewari worked as Country Head of US Operations at parent State Bank of India (SBI), based in New York.

Aug 04, 2020 03:08 IST India Infoline News Service

SBI Cards on Tuesday announced that Ashwini Kumar Tewari has taken over as the company's new Managing Director and Chief Executive Officer, effective August 1, 2020. Before joining SBI Cards, Tewari worked as  Country Head of US Operations at parent State Bank of India (SBI), based in New York. He also served as Vice Chairman of the State Bank of India (California) Board of Directors.

Tewari takes charge from Hardayal Prasad who retired at SBI Cards on July 31, 2020, following a successful tenure during which the company achieved many significant accolades.

On the appointment, Dinesh Khara, Managing Director, GB &S, State Bank of India said, "We are pleased to welcome Ashwini Kumar Tewari as the MD & CEO of SBI Card. He has demonstrated authentic, adept leadership in diverse positions both in India and abroad, during a successful career. We believe that he has the strategic vision and skill sets to lead the rapidly growing credit card business. We are confident that he will be able to further strengthen the SBI card's market share and propel the business to new milestones."

While Ashwini Tewari, MD & CEO, SBI card said, "We are at the cusp of an interesting time - there is a digital payments revolution sweeping India today and the country is firmly on the path to becoming a digital economy. SBI card has achieved stellar success so far; and with the right focus on innovation, technology and customer service, the company remains poised to capitalise in a big way on the significantly underpenetrated Indian credit card market. I look forward to steering SBI card's efforts to enhance customer experience at every touchpoint, fuelling growth and strengthening our position as industry leaders."

Tewari further added, "My immediate goal is to ensure sustained business performance as seen in the last two quarters, despite the challenging environment. In the long run, my endeavour would be to enable SBI card to scale new heights along with the robust management team that has been driving the growth of this exceptional company."

Tewari is a career banker with over 29 years' experience with SBI, including domestic and foreign postings. Tewari started his banking career with SBI in 1991 as a probationary officer. He has expertise in driving business, administration, and HR. He has experience in diverse leadership roles, extending across significant business functions like Credit, International and Retail Banking including Business Process Re-engineering. He was involved in the bank technology upgrades in Core Banking and Internet Banking platforms and acquisition of a new Trade Platform.

Investors have welcomed the move with positive sentiments on exchanges. SBI Cards stock has gained by nearly 4% with an intraday high of Rs758.40 per piece on Sensex in early deals before correcting.

At around 3.08 pm, the stock was trading at Rs754.20 per piece up by Rs23.40 or 3.20% on Sensex. 

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