TN Mercantile Bank announces growth strategies at the 102nd AGM

Tamilnad Mercantile Bank (TMB) held its 102nd Annual General Meeting. 
Reflecting on the bank’s vision for the future, Mr. Salee S. Nair, Managing Director & CEO, Tamilnad Mercantile Bank, emphasized, “At TMB, we are committed toaccelerate 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.”
TMB plans to open 40 new branches across various regions, expanding its footprint beyond Tamil Nadu, with a special focus on the MSME sector, retail growth and digital banking services. 
To strengthen the MSME portfolio, the bank has hired a global consultant, reinforcing its commitment to boosting the sector with innovative solutions and improved lending capabilities. 
In addition, Ten MSME hubs have been established, with plans to introduce one hub in each of the 12 regional offices. 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%, with initiatives in place to optimisecapital allocation and enhanced operational efficiency, said Mr Salee S Nair.
Meanwhile Mr. Vincent Menachery Devassy has taken charge as new Executive Director of TMB. Mr. Devassy assumes office on September 27, 2024 with a commitment to drive operational excellence of the Bank.