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Atul Bansal has joined the non-banking financial company (NBFC) Magma Fincorp as the new Chief Financial Officer.
V Lakshmi Narasimhan, the current CFO, has stepped down and would be leaving the group to pursue other interests, the company said in a statement.
With about 30 years of experience, Bansal has exposure in the investment, financial and business due diligence, corporate restructuring and M&A departments.
Prior to this, Bansal worked with Mu Sigma Business Solutions as its CFO in Bangalore, and previously has spent almost two decades with the Tata Group.
Sanjay Chamria, Vice-Chairman & MD, Magma Fincorp, said: “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...”
Magma provides financial products, including SME loans, affordable housing finance and financing of utility vehicles and cars, commercial vehicles, construction equipment, used commercial vehicles, tractors and general insurance segments. Magma has around 5 lakh customers being serviced through 235 branches, the company said in the statement.
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