Vijay Deswal joins as Group CEO in Magma Fincorp

Vijay Deswal joins  as Group CEO in Magma Fincorp

Vijay Deshwal was related to ICICI Bank as a business head before joining Magma Fincorp.

Vijay Deshwal on Monday joined Magma Fincorp Ltd, the financial services arm of the Poonawalla Group, as its group chief executive officer (CEO). Vijay Deshwal, who was named Magma Fincorp's group CEO earlier this month, are going to be liable for the lending and housing finance business also as its insurance business.

Poonawalla Group acquired a controlling stake of 60 per cent in Magma Fincorp by an equity infusion of ₹3,456 crore through its company Rising Sun Holdings in May this year.

"I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the reworking times for the financial services landscape in India. it is a privilege to hitch the group and that i anticipate to working along side the teams towards creating a service-oriented institution for its customers and delivering value to the shareholders," Vijay Deshwal, who are going to be based out of the company's Pune corporate office, said.

"We are pleased to possess Vijay Deshwal in our team. His extensive knowledge and rich experience across the varied facets of banking and financial services will drive the transformation and charter a replacement phase of growth under the Poonawalla brand," Abhay Bhutada, Magma Fincorp's director , said.

Vijay Deshwal, a Indian Institute of Management Ahmedabad (IIM-A) post-graduate, has worked within the banking sector for 2 decades and his experience spans across segments of banking, finance , international business and operations. In his last role, Vijay Deshwawas related to ICICI Bank as a business head and was liable for the fast-growing services sector business, including new age businesses focused on technology and digital intervention.

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