Vijay Deshwal joins Magma Fincorp as group CEO

Vijay Deshwal was associated with ICICI Bank as a business head before joining Magma Fincorp.

Vijay Deshwal on Monday joined Magma Fincorp Ltd, the financial services arm of the Poonawalla Group, as its group chief executive officer (CEO). Vijay Deshwal, who was named Magma Fincorp's group CEO earlier this month, will be responsible for the lending and housing finance business as well as its insurance business.

Vijay Deshwal is a Indian Institute of Management Ahmedabad (IIM-A) post-graduate and has worked in the banking sector for two decades. (Vijay Deshwal/LinkedIn)

Poonawalla Group acquired a controlling stake of 60 per cent in Magma Fincorp by an equity infusion of ₹3,456 crore through its holding company Rising Sun Holdings in May this year.

"I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the transforming times for the 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," Vijay Deshwal, who will be based out of the company's Pune corporate office, 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," Abhay Bhutada, Magma Fincorp's managing director, said.