Vijay Deshwal has today (June 21) joined Poonawalla group acquired Magma Fincorp Ltd, as its Group CEO.
In his new role, he would be responsible for the lending and housing finance business along with its insurance business. He will be based out of the Pune corporate office.
Deshwal, a post-graduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. In his last role, he was associated with ICICI Bank as a Business Head responsible for the fast-growing services sector business including new age businesses focused on technology and digital intervention.
"Vijay Deshwal's 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," said Abhay Bhutada, Managing Director, Magma Fincorp.
Commenting on his appointment, 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."
Poonawalla Group recently acquired a majority stake of 60 per cent in Magma Fincorp through its holding company Rising Sun Holdings in May 2021.