Abhay Kumar Singh takes over as CEO of SBI Cards & Payment Services

SBI Card announced here, today, that Mr. Abhay Kumar Singh has taken over as the new Chief Executive Officer of SBI Cards & Payment Services Private Limited (SBICPSL). SBICPSL runs credit card sales, marketing and promotions for SBI Card. SBI Card is a joint venture between State Bank of India and GE Capital and operates through two companies -- SBI Cards & Payment Services Private Limited and GE Capital Business Process Management Services Limited.

Mr. Abhay Kumar Singh will be responsible for new customer acquisition, launching new credit card products and overseeing the entire sales and marketing operations of SBI Card. Mr. Singh succeeds Mr. Diwakar Gupta, who has moved into a new role at State Bank of India.

“I am excited to lead one of the leading credit card operations in the country today.  The SBI Card team, under the stewardship of Mr. Diwakar Gupta, has steered the company into a strong market position over the last couple of years. My aim will be to build on that and firmly establish SBI Card’s market leadership,” said Mr. Abhay Singh, Chief Executive Officer, SBICPSL. 

“Abhay brings three-decades of financial services experience to SBI Card. With him leading the team at SBI Card, we expect SBI Card to emerge as a leader not only in products and promotions but also in customer service and delivery. 2010 would see a deepening of the eleven-year-old relationship between GE Capital and State Bank of India,” said Mr. Anish Shah, President & CEO, GE Capital India.

SBI Card won several Indian and Asian awards in 2009 including the most trusted brand in credit card category in the Reader’s Digest Asia Trusted Brands 2009 Survey, a consumer choice award from CNBC Awaaz and ‘Asia’s Best Mature Captive Services Delivery’ award from the Shared Services Outsourcing Network (SSON).

Mr. Abhay Kumar Singh had joined State Bank of India as a Probationary Officer in 1976. Mr. Singh’s last assignment at State Bank of India was as General Manager (Foreign Offices) where he was responsible for maintaining and expanding bank’s network of 136 foreign offices. In his 33-year career at State Bank of India, Mr. Singh has held several leadership positions in the bank’s consumer and commercial finance businesses in India and abroad.

About SBI Card
SBI Card is a joint venture between State Bank of India and GE Capital to offer Indian consumers extensive access to a wide range of world-class, value-added payment products and services. The partners have set up two joint venture companies to develop a credit card business in India -- SBI Cards & Payment Services Pvt. Ltd., which focuses on the marketing and distribution of SBI Card and GE Capital Business Processes Management Services Pvt. Ltd., which handles the technology and processing needs of SBI Card. Visit www.sbicard.com for more details.

About State Bank of India
State Bank of India (SBI) is the country’s oldest and largest bank. For more information, visit www.statebankofindia.com

About GE Capital
GE Capital has been operating in India since 1993. With a AAA (CRISIL) credit rating, GE Capital combines local understanding with the global reach of GE to provide end-to-end financial solutions to meet the diverse needs of Indian corporate and retail customers. GE Capital’s businesses in India are organized under various business units including those focused on corporate finance, asset-based lending, leasing, commercial distribution financing, energy and infrastructure projects financing, merger & acquisition financing, mortgages, loans and credit cards (through a eleven-year-old strategic joint venture with State Bank of India). For more details visit www.gecapital.com/in