Magma Fincorp Ltd (MFL) has appointed Sachin Khandelwal, a key ICICI Bank executive, as head of housing finance business, and Sandeep Walunj as chief marketing officer of MFL.
Khandelwal will work as chief executive for Magma Housing Finance Ltd, a new subsidiary of Magma Fincorp.
Magma has already applied to the National Housing Bank for licences to operate as a housing finance company.
Prior to joining Magma Housing Finance as CEO, Khandelwal was the Managing Director and CEO of ICICI Home Finance Company. He earlier headed international retail business at ICICI Bank. This business included global remittances, non-resident Indians and global private client business. He also had a stint as head of the retail automobile finance at the country’s largest private bank.
Magma Housing will leverage MFL’s the nationwide network of more than 220 branches and customer base of more than six lakh, and build a dedicated team for housing finance business.
Sandeep Walunj, appointed as chief marketing officer of Magma Fincorp, has 17-plus years of experience in nurturing brands, building relations with consumers, and bringing innovation and strategy to firm. At Magma Fincorp, he will lead marketing and brand, product innovation, channel and vendor development.