Magma Fincorp appoints Serum Institute CEO Adar Poonawalla as chairman

The board of Magma Fincorp, a Mumbai-based non-banking financial company, has appointed Serum Institute of India CEO Adar Poonawalla as the company’s chairman.

It can be recalled that Adar Poonawalla-controlled Rising Sun Holdings had recently acquired a controlling stake of 60% in Magma Fincorp via an equity infusion of INR 3,456 crore.

Abhay Bhutada has been appointed as Magma Fincorp’s managing director, while Vijay Deshwal will be the company’s CEO from the first week of next month.

Magma Fincorp appoints Serum Institute CEO Adar Poonawalla as chairman. Photo courtesy of Free-Photos from Pixabay.

Vijay Deshwal, who is presently a business head at ICICI Bank, will also be the group CEO of the financial services business of Poonawalla Group.

Abhay Bhutada said: I see enormous potential in the financial services space in India and in line with our vision, we at Magma will serve the needs and dreams of the nation.

“At the outset, we have outlined the core strategic pillars of Magma 2.0, laying out a clear and focused direction for the Company: Professionally-run organization under a new leadership team fully supported by the existing leadership, Capitalize benefits from large capital base and stronger parentage, Realignment of the product and geographic focus, Early recognition and tackling of asset quality challenges with accelerated write-offs and buffer provisioning, Robust ALM profile, and Best in class risk management, technology and data analytics.”