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Magma Fincorp announces key management changes; Adar Poonawalla takes charge as chairman

Deshwal is currently a business head at ICICI Bank, responsible for its fast-growing services sector, including new age businesses. He is also responsible for driving the liability strategy for the corporate ecosystem at the bank.

May 31, 2021 / 05:14 PM IST
Serum Institute India (SII) CEO Adar Poonawalla (Image: Twitter/@adarpoonawalla)

Serum Institute India (SII) CEO Adar Poonawalla (Image: Twitter/@adarpoonawalla)

Mumbai-based non-banking finance company (NBFC), Magma Fincorp Limited's board on May 31 appointed Adar Poonawalla as the chairman of the company.

Also, the company has announced a series of leadership changes following the Poonawalla-controlled Rising Sun Holdings acquiring controlling stake through an equity infusion of Rs 3,456 crore in May 2021.

Abhay Bhutada has taken over as the managing director while Vijay Deshwal, a seasoned banker with a track record of over two decades, will take charge as CEO at Magma Fincorp from the first week of July. He will also be the Group CEO of Poonawalla Group’s financial services business, the company said.

Deshwal is currently a business head at ICICI Bank, responsible for its fast-growing services sector, including new age businesses. He is also responsible for driving the liability strategy for the corporate ecosystem at the bank, the company said.