Mumbai, India, July 2026 — SMBC Group has announced the appointment of Rakesh Garg as Chief Executive Officer and Managing Director of SMBC India, following approval from the Reserve Bank of India (RBI). Having played a pivotal role in strengthening the bank’s India franchise over the past seven years, Rakesh will now lead the organization’s next phase of growth in one of SMBC Group’s most strategically important global markets.
Rakesh joined Sumitomo Mitsui Banking Corporation (SMBC) India in 2019 as Chief Business Officer, where he has been instrumental in expanding the bank’s corporate and institutional banking franchise, deepening client relationships, and driving business growth across India. His strategic leadership has significantly enhanced SMBC’s market presence while supporting clients with innovative financial solutions in an increasingly dynamic business environment.
Prior to joining SMBC, Rakesh spent more than 15 years with Barclays Capital, where he held several senior leadership positions, including Managing Director and Director. During his tenure, he led key investment banking and capital markets initiatives, advising leading corporate clients on complex financing transactions, capital raising, and strategic financial solutions. His extensive experience in debt capital markets, structured finance, and corporate banking established him as one of the industry’s respected banking leaders.
Earlier in his career, Rakesh served as Head of Debt Capital Markets (DCM) and Risk Advisory at HSBC, where he led advisory services covering debt financing, capital market solutions, and risk management strategies for corporate clients, further strengthening his expertise across global financial markets.
With more than three decades of leadership experience across international banking institutions, Rakesh brings deep expertise in corporate banking, investment banking, capital markets, strategic growth, and client relationship management. His appointment reflects SMBC Group’s continued commitment to expanding its presence in India and supporting clients through innovative financial solutions.
Rakesh holds a Master of Business Administration (MBA) from the Indian Institute of Management Ahmedabad (IIM Ahmedabad) and a Bachelor of Technology (B.Tech.) from the Indian Institute of Technology Delhi (IIT Delhi).
As Chief Executive Officer and Managing Director, he will lead SMBC India’s strategic growth agenda, deepen client partnerships, expand business capabilities, and further strengthen the bank’s position in one of the world’s fastest-growing financial markets.
About SMBC Group
SMBC Group is one of the world’s leading financial services groups, headquartered in Tokyo, Japan. With a history spanning more than 400 years, the Group offers a comprehensive portfolio of banking, leasing, securities, consumer finance, and credit card services. Operating through more than 150 offices across nearly 40 countries and employing over 120,000 professionals worldwide, SMBC Group is among Japan’s three largest banking groups and continues to expand its global presence by supporting clients with innovative financial solutions.
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