SBI Life Insurance, the country’s largest private life insurer, has appointed Arijit Basu as managing director (MD) and chief executive officer (CEO) of the company, as per a release.
Basu, who started his career with State Bank of India (SBI) in 1983, takes over the role of Atanu Sen who retired on July 31, 2014.
He has over three decades of experience in the banking sector and has held several key positions in various circles of SBI including the bank’s office at Tokyo.
He has also served as general manager at the bank’s Mumbai circle and the mid corporate group at Ahmedabad among others. Before joining SBI Life Insurance, he was SBI’s chief general manager of the Delhi Circle.
On his appointment, Basu said, “The key focus for SBI Life Insurance would be to further tap the immense potential in the market and reach out to millions of Indians who do not have a risk cover.”
Basu holds a bachelor’s degree in Economics and a master’s in History.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif in which SBI owns 74 per cent stake and remaining 26 per cent are held by BNP Paribas Cardif.
Last month, SBI chief Arundhati Bhattacharya had said that the bank is mulling to sell stakes in its insurance and asset management units to meet capital requirements and shore up its balance sheet. The lender is planning to list its insurance unit and is holding discussions with its joint venture partners for the same.
Besides its JV with BNP Paribas Cardif, it also owns majority stake in SBI General Insurance Co. Ltd with Insurance Australia Group Ltd holding the rest.
(Edited by Joby Puthuparampil Johnson)