Poonawalla group that had acquired a controlling stake of 60 per cent in Magma Fincorp entrusted Vijay Deshwal the role of its Group Chief Executive Officer (CEO).
In his new role, Deshwal will look after the Lending and Housing Finance business along with its Insurance business. He will be based out of the Pune corporate office.
“I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the transforming times for the 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,” Vijay Deshwal, who will be based out of the company’s Pune corporate office, said.
“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,” Abhay Bhutada, Magma Fincorp’s managing director, said.
In May 2021Poonawalla Group had acquired a majority stake of 60 per cent in Magma Fincorp through its holding company Rising Sun Holdings.
Vijay Deshwal, a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with experience of over two decades. He has diversified work experience in banking, corporate finance, international business, and operations.
In his last role, Vijay worked in ICICI Bank as a Business Head handling the fast-growing services sector business, including new age businesses focused on technology and digital intervention.