Magma Fincorp Appoints Adar Poonawalla as Chairman
Magma Fincorp Limited bond on Monday appointed Adar Poonawalla as the Chairman of the company. The Mumbai-based non-banking financial company also appointed Abhay Bhutada as the Managing Director. 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 rejig in leadership at the finance company follows Poonawala-controlled Rising Sun Holdings’ acquisition of a controlling stake through an equity infusion of Rs 3,456 crore in May 2021. Incoming CEO 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 changes will reflect the company's transition into the next phase of growth and the ongoing commitment to achieving the highest standards of corporate governance.
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