Poonawalla group acquired Magma Fincorp Ltd, onboards Vijay Deshwal as its Group CEO. In his new role, he would be accountable for the Lending and Housing Finance business along with its Insurance business. He will be based out of the Pune corporate office.
 
Vijay Deshwal, a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) is a veteran banker with a track record of two decades. His occurrence spans across segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability. In his previous role, Vijay was linked with ICICI Bank as a Business Head responsible for the fast-growing services sector business including new age businesses focused on technology and digital intervention.
 
Vijay has an immense considerate of diverse asset classes and the uniformity of these businesses. He was also accountable for conceptualizing and lashing responsibility strategy for the Corporate Ecosystem in the Bank. He formerly headed the debt syndication business for ICICI Bank for over five years and brings with him a rich experience of Debt Capital Markets and Large Fundraising from Domestic and International investors.
 
“We are pleased to have Vijay Deshwal in our team. His extensive knowledge and rich experience across the various facets of banking and financial services will drive the transformation and charter a new phase of growth under the Poonawalla brand,” said, Abhay Bhutada, Managing Director, Magma Fincorp.

Vijay Deshwal, states, “I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the transforming times for financial services landscape in India. It’s a privilege to join the group and I look forward to working together with the teams towards creating a service-oriented institution for its customers and delivering value to the shareholders.”

Poonawalla Group newly acquired a majority stake of 60 percent in Magma Fincorp through its holding company Rising Sun Holdings.