Magma Fincorp announces joining of new CEO Vijay Deshwal

Magma Fincorp announced that Vijay Deshwal 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.

Abhay Bhutada – 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.”

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.

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 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.”

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