Private sector Tamilnad Mercantile Bank would focus on expanding its retail and micro, small and medium enterprise portfolios and would open 40 new branches with a special focus on MSME. The bank has hired a global consultant, to strengthen the MSME portfolio reinforcing its commitment to boosting the sector with innovative solutions and improved lending capabilities.
"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 optimise our capital allocation through careful compliance with regulatory frameworks by embarking on digital transformation," TMB MD and CEO Salee S Nair said at the 102 Annual General Meeting in Tuticorin, today.
The bank has planned to set up one MSME hub in each of the 12 regional offices in addition to the eight MSME hubs currently operational.
"Our goal is to create a more agile, customer-centric bank, enhancing services while safeguarding financial stability" Nair said in a bank statement on Friday.
On branch expansion, Tamilnad Mercantile Bank would open 40 new branches beyond Tamil Nadu, across various regions with a special focus on the MSME sector, retail growth and digital banking services.
In line with the growth strategies, Tamilnad Mercantile Bank was targeting a significant increase in deposit growth, aiming to double its current growth levels.
The bank's digital transformation strategy is a key growth driver with a strong emphasis to enhance cyber security, it said.
Meanwhile, Vincent Menachery Devassy took charge as the Executive Director of the Bank on Friday with a commitment to drive operational excellence of the bank, it said.
Tamilnad Mercantile Bank Appoints Vincent Menachery Devassy As Whole Time Executive Director. Read more on Business News by NDTV Profit.