Magma Fincorp announces joining of new CEO Vijay Deshwal

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Magma Fincorp announced that has joined the Mumbai-based non-banking financial company as the group CEO.

The development follows the company’s recent appointment of Serum Institute of India CEO Adar Poonawalla as its chairman. Magma Fincorp is a subsidiary of Adar Poonawalla-controlled Rising Sun Holdings.

In his role, Vijay Deshwal will handle the lending and housing finance business along with the insurance business of Magma Fincorp from its Pune corporate office.

– Managing Director of Magma Fincorp 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.”

Magma Fincorp announces joining of new CEO Vijay Deshwal

Magma Fincorp announces joining of new CEO Vijay Deshwal. Photo courtesy of Free-Photos from Pixabay.

Vijay Deshwal is a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) and is a seasoned banker. His experience is said to span across segments of banking, corporate finance, international business, and operations.

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Previously, he was a business head of ICICI Bank where he managed the fast-growing services sector business including new age businesses, which focused on technology and also digital intervention.

Vijay Deshwal said: “I sincerely thank the for entrusting me with this huge responsibility during the transforming times for financial services landscape in . 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.”

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Magma Fincorp is a financial conglomerate which offers commercial finance, SME finance, Agri finance, mortgage finance, and also general insurance.


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