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| OP Bhatt receives 'Best Executive 2008' award | | | Early Times Report
Jammu, Feb 6- O.P Bhatt, Chairman, State Bank of India, has been conferred the award of the 'Best Executive 2008' under the category of Asia's best companies and executives, by Asia money, Asia's leading financial magazine. Bhatt has played a pivotal role in growing SBI at a steady pace by servicing existing clients' needs with staunch loyalty, and at the same time building new client relationships.
The award is decided on the basis of extensive research and interaction with fund managers and analysts across the region and takes into account "business strategy, canny use of capital and clear line of communication during the challenging financial environment of 2008."
As Chairman of State Bank of India, Bhatt has laid special emphasis on regaining lost market share. He has not only managed to achieve this feat consistently, but also strongly motivated his staff to ensure that the overall performance of the bank exceeds market expectations. Analysts opine that he has been able to instill the ability of taking calculated risks in his team members. As a result, the bank aggressively focused on retail and infrastructure lending. The last year saw SBI fund several key deals in India's corporate sector.
The Bank has posted strong numbers during the current year with 37.03% growth in Net Profit as at December 2008 over the previous year. It has also added over 25,000 new recruits to its cadres during last year, at a time when the banking and financial services sector is shedding jobs in thousands.
This award comes close on the heels of the Best Bank of the Year 2008 awarded to SBI in November 2008 by the 'The Banker' London.
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