Magma Fincorp, acquired by Rising Sun Holdings of the Adar Poonawalla Group, has changed its name to Poonawalla Fincorp. The company has started rebranding initiatives in this regard. Alongside, the company’s fully owned housing finance subsidiary Magma Housing Finance is also renamed as Poonawalla Housing Finance. Under the Poonawalla brand, the group will be focusing on consumer and MSME segments and expand its product range to include personal loans, loans to professionals, merchant cash advance, loan against property, consumer finance and machinery loans along with existing products of business loan, pre-owned car loans and home loans. The new board of the company has approved a proposal to introduce co-branded credit cards, subject to obtaining necessary approvals from the regulatory authorityies. Adar Poonawalla, Chairman, Poonawalla Fincorp, said the change of names marks the beginning of not only a change of brand but the fundamental way in which business will be carried out.
