During the AGM, Tamilnad Mercantile Bank highlighted its continued focus on growth and transformation, laying out a comprehensive plan for expansion and digitalization to drive future growth.
Private sector bank Tamilnad Mercantile Bank (TMB) announced its plans to open 40 new branches across various regions, expanding its footprint beyond Tamil Nadu. During its 102nd Annual General Meeting (AGM) at its headquarters in Thoothukudi, TMB said that the bank has lined up a long-term roadmap with special focus on the MSME sector, retail growth and digital banking services.
In order to strengthen its MSME portfolio, the company said in a regulatory filing, it has hired global consultancy firm McKinsey, reinforcing its commitment to boosting the sector with innovative solutions and improved lending capabilities. “In addition, eight MSME hubs have been established, with plans to introduce one hub in each of the 12 regional offices,” it said.
In line with its growth strategies, TMB is targeting a significant increase in deposit growth, aiming to double its current growth levels. The bank will continue to protect its NIM at 4 per cent, with initiatives in place to optimise capital allocation and enhanced operational efficiency, said Salee S Nair.
Salee S Nair, Managing Director & CEO, Tamilnad Mercantile Bank, said, “At TMB, we are committed to accelerate the growth through collaboration, excellent customer service, compliance and risk management. We also aim to scale our banking system and optimize our capital allocation through careful compliance with regulatory frameworks by embarking on digital transformation. Our goal is to create a more agile, customer-centric bank, enhancing services while safeguarding financial stability.”
In the coming year, TMB will focus on expanding retail and MSME portfolios. Alongside, the bank’s digital transformation strategy is a key growth driver, with a strong emphasis to enhance cybersecurity and improve customer experience through online banking platforms.
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Furthermore, the private sector lender also announced that Vincent Menachery Devassy has taken charge as new Executive Director of TMB, and he assumes office on September 27, 2024. “We would like to inform that, pursuant to the approval of Reserve Bank of India, Shri.Vincent Menachery Devassy has joined the Bank today i.e., Friday, September 27, 2024, as Whole Time Director (Executive Director),” it said in another exchange filing.
