Vijay Deshwal joins Poonawalla Group acquired Magma Fincorp as Group CEO

Vijay Deshwal has joined the Poonawalla-group-acquired Magma Fincorp Ltd, as Group CEO.
In his new role, he would be responsible for the Lending and Housing Finance business along with its Insurance business.

Vijay Deshwal, a post-graduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. His experience spans across segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability.

Before this, Deshwal 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.

Having handled pan-India financial institutions including NBFCs for over six years, Deshwal has a vast understanding of various asset classes and the cyclicality of these businesses. He was also responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the Bank. He previously headed debt syndication business for ICICI Bank for over five years and brings with him a rich experience of Debt Capital Markets and Large Fund raising from Domestic and International investors.

"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," 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.