Mauritius-based SBM Bank has appointed former Axis Bank senior executive Sidharth Rath to head its India operations.

“Sidharth Rath has taken over as the MD & CEO of SBM Bank (India) Limited pursuant to the approval received from the Reserve Bank of India.

“SBM Bank became the first foreign bank to be granted license from the RBI under the wholly-owned subsidiary scheme to provide universal banking service with a focus on wholesale banking, trade finance, capital market and retail banking,” the Bank said in a statement.

Rath has had more than 26 years of industry expertise. Prior to his stint at Axis Bank, Rath has spent almost a decade at IFCI, reported Moneycontrol.