Magma Fincorp's Asset Backed Finance (ABF) Business CEO Kaushik Banerjee has stepped down from the full time CEO responsibility as his health and family commitments were not permitting him to continue with full time CEO role. He shall however continue as an advisor to the ABF business on an exclusive basis.
The company has taken various initiatives for the ABF business over last 3 years, which brought a tremendous change in Magma's portfolio quality and these have become part of Magma's culture now and are here to stay. The Company has a strong second line leadership team for its ABF Business comprising of Chief Credit Officer, National Business Head, Head of Strategy and National Product Head handling their respective senior responsibilities, who would continue to help in the smooth running of the business.
Magma's 3 other key businesses, namely Mortgage, SME and General Insurance are all well settled with the respective CEOs fully in charge. As such, Mr Sanjay Chamria, VC and MD has his band-width significantly freed up, and he shall be directly looking after the ABF business.
Sharing his views on the subject, Mr Sanjay Chamria said "We would not like to disrupt our ABF strategy and the business culture which we have built over the last few years, with any further change in the leadership at this point".
Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.107.1 as compared to the previous close of Rs. 107.5. The total number of shares traded during the day was 2091 in over 74 trades.
The stock hit an intraday high of Rs. 108.2 and intraday low of 106.05. The net turnover during the day was Rs. 224558.