Magma Fincorp Limited on Monday appointed Vijay Deshwal as its Group CEO. He will be responsible for the lending, insurance, and housing finance businesses of the company, recently acquired by the Poonawalla Group.

Vijay Deshwal, a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. 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.

Deshwal handled pan-India financial institutions including NBFCs for over six years and was also responsible for conceptualising 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,” commented Abhay Bhutada, Managing Director, Magma Fincorp.

“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,” said Deshwal.

Poonawalla Group recently acquired a majority stake of 60 per cent in Magma Fincorp through its holding company Rising Sun Holdings in May 2021.