Atul Bansal is the new CFO of Magma Fincorp

Kolkata/Hyderabad, March 16, 2015: Atul Bansal has joined Magma Fincorp Limited as the Chief Financial Officer. Bansal has about three decades of corporate experience in Investment, Financial and Business Due Diligence, Corporate restructuring, M&A and has experience across industries including financial services, Tea, IT, Hotels and Entertainment. ACA, CFA and an MBA –Finance from The Wharton School, University of Pennsylvania, Bansal has spent almost two decades with the Tata Group and also had a stint with an Insurance major in the USA. His last assignment was with Mu Sigma Business Solutions, Bangalore as CFO.     

Commenting on Atul’s joining, Sanjay Chamria, Vice Chairman & MD, Magma Fincorp Ltd. said, “In continuation of our objective of building a top management team at Magma to manage and grow diverse businesses like retail finance, mortgage, insurance, Magma is indeed happy to have Atul, a dynamic and business savvy senior finance professional to head the finance function as the Chief Financial Officer. He has been inducted to increase the management bandwidth towards leading and contributing to various strategic initiatives of the company. Magma in the last two years has inducted 5-6 top leaders from the industry with domain expertise like sales, marketing, IT, HR, finance and strategy to sharpen its competitive edge, with Atul being the latest inductee and I am sure, his background and vast experience will add value and variety to the already strong management team.”

V Lakshmi Narasimhan, the current CFO, has stepped down and would be leaving the group to pursue other interests.

About Magma Fincorp Limited:

Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipment, Used Commercial Vehicles, Tractors and SME Loans. It also operates in Affordable Housing Finance and General Insurance segments. Magma has a dedicated base of around 5 Lac active customers. The company operates through 235 branches in 25 states / UT and employs around 10,100 people.