Magma Fincorp plans to enter into co-branded credit card business

Magma Fincorp on Friday said it plans to enter into an arrangement for issuance of co-branded credit cards.

The company also announced the joining of Sanjay Miranka as its Group Chief Financial Officer (Group CFO) with immediate effect.

"As a forward integration step, the Board of Directors of the company has approved a proposal to enter into a co-branded credit card arrangement for issuance of co-branded credit card, subject to obtaining necessary approvals from the regulatory authority(ies)," Magma Fincorp said in a regulatory filing.

The Poonawalla group acquired Magma Fincorp said Kailash Baheti, Group Chief Financial Officer of the company, has opted for early retirement and has offered to step down from his post with effect from close of the business hours of July 1, 2021.

"Sanjay will lead the group's resource raising, regulatory compliance and governance, investor interactions, corporate legal, and work with the MD and Group CEO on the strategic transformation," the company said.

Sanjay till recently was associated with Aditya Birla Finance Ltd (ABFL) for close to 18 years in various capacities such as Head of Capital Market Lending Business and later as CFO.