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Poonawalla group’s Magma Fincorp appoints Vijay Deshwal as Group CEO

Vijay Deshwal has over six years of experience in financial institutions including NBFCs and was responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the bank.

June 21, 2021 / 12:32 PM IST
Vijay Deshwal has over six years of experience in financial institutions including NBFCs and was responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the bank.

Vijay Deshwal has over six years of experience in financial institutions including NBFCs and was responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the bank.


Poonawalla group that had acquired Magma Fincorp announced Vijay Deshwal as its Group Chief Executive Officer (CEO). The company said that Deshwal would take control of the lending and housing finance business along with its insurance business and will operate out of the Pune office.

In his last role, Vijay 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. He is a postgraduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades.

"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," Abhay Bhutada, Managing Director, Magma Fincorp said.

Deshwal has over six years of experience in financial institutions including NBFCs and was responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the bank, it said. He has also headed the debt syndication business for ICICI Bank for over five years.

Deshwal expressed gratitude to the company for his appointment in the role. " 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," he said.

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Poonawalla Group had recently acquired a majority stake of 60 percent in Magma Fincorp through its holding company Rising Sun Holdings in May.
Moneycontrol News
first published: Jun 21, 2021 12:32 pm

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