SMBC set to name first local exec as Indian unit head in expansion (opens original article in a new tab)

Sumitomo Mitsui Financial Group is promoting Rakesh Garg, a local executive, to lead its Indian banking business, marking the first time a local has held the position. The move is part of broader expansion efforts in India, including significant investments in financial services.

• Rakesh Garg will become the first local executive to lead SMBC's Indian banking business.
• SMFG is expanding in India with billions invested in financial services, including a major stake in Yes Bank.
• Japan's largest banks are increasing investments in Indian financial firms due to a growing economy and shrinking domestic market.