Poonawalla group that had earlier obtained Magma Fincorp appointed Vijay Deshwal as its Group Chief Executive Officer (CEO). The company informed that Vijay Deshwal would be responsible to take control of the lending, housing finance business and insurance business. It further stated that he will be managing his responsibilities out of the Pune office.
On the work front, Vijay Deshwal is an experienced banker with a record of almost two decades. Prior to this appointment, he was a Business Head at ICICI bank and was in charge of ensuring fast growing services sector business comprising new age businesses based on technology and digital intervention. On educational front, he is a post graduate from Indian Institute of Management, Ahmedabad (IIMA).
The company stated that Deshwal holds an experience of more than six years in financial institutions along with NBFC’s where he was entrusted for conceptualizing and driving liability strategy for the Corporate Ecosystem in the Bank. It further affirmed that he also supervised the debt syndication business for ICICI bank for around five years.
On Vijay Deshwal’s appointment, Magma Fincorp’s managing director Abhay Bhutada expressed, “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.”
On being appointed as a CEO in Magma Fincorp, Deshwal acknowledged that it is a privilege to join the group. He further expressed that he looks forward to work together with the team for creating a service oriented institution for its customers and providing value to the shareholders.
As per reports, in May, Poonawalla group purchased a majority stake of almost 60 per cent in Magma Fincorp through its holding company Rising Sun holdings.