Magma Fincorp names Vijay Deshwal as new CEO

Vijay Deshwal, who currently heads ICICI Bank's fast-growing services, will take charge in July

MUMBAI, India, June 1, 2021 /PRNewswire/ -- Magma Fincorp Ltd, the financial services arm of the Poonawalla Group, has announced that it appointed Vijay Deshwal as Group CEO. Deshwal is currently a business head at ICICI Bank responsible for the fast-growing services business segment. He is also responsible for driving the liability strategy for the corporate ecosystem at the Bank. He will take charge at Magma Fincorp in the first week of July.

Poonawalla Group recently acquired controlling stake in Magma Fincorp by an equity infusion of Rs 3,456 crores through its holding company Rising Sun Holdings in May 2021.

Vijay Deshwal, is a post-graduate from Indian Institute of Management Ahmedabad (IIM-A), is a seasoned banker with experience of over two decades across banking, corporate finance, international business and operations. He has a track record of growing businesses with an overall approach of customer centricity and profitability.

Deshwal has handled pan-India financial institutions, including NBFCs for over six years, and has a vast understanding of various asset classes, cyclicity of these businesses and the key success factors for creating profitable financial services businesses. Previously, Deshwal headed the debt syndication business for ICICI Bank for over five years and brings with him rich experience of debt capital markets and large fundraising.

"We are confident that Vijay Deshwal, with his extensive experience and knowledge across various facets of banking and financial services, will drive the transformation and charter a new phase of growth for the amalgamated entity under the brand of Poonawalla," Abhay Bhutada, MD Magma Fincorp, said in a statement.

About Magma Fincorp Limited

Magma Fincorp Limited ("Magma") a Mumbai-based non-deposit taking non-banking finance company (NBFC), is registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

Magma a financial conglomerate offers a bouquet of financial products including commercial finance, agri finance, SME finance, mortgage finance and general insurance. Magma is focused on the rural and semi-urban sector with a widespread coverage and presence across 21 States and 298 Branches. Magma's customer base has crossed 5 million and manages a loan book of INR. 15,006 cr.

For more information please log on to: www.magma.co.in

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