Tamilnad Mercantile Bank

RBI in October 2022 lifted its three-year ban on lender from opening new branches

The total business of the bank at the third quarter ended December 31, 2022 stood at Rs 78,242 crores with a growth rate of 5.69 per cent

Private sector Tamilnad Mercantile Bank Ltd (TMB) has drawn up plans to strengthen itself by opening up additional branches across the country in the near future, said a top official of the bank on Friday. The over-a-century old bank recently inaugurated its 510 and 511th branches here and in Salem respectively. "Upon being listed on the stock exchanges, Tamilnad Mercantile Bank Ltd is back to enrich our vision in expanding the network pan-India. The bank has opened its 510th and 511th new branches in Tamil Nadu. We have plans to also open many more in the near future...," said managing director and CEO of the bank S Krishnan in a statement. The Tamil Nadu-based bank currently has presence across 16 States and four Union Territories and serves over 5 million customers.

Private sector lender Tamilnad Mercantile Bank (TMB) on Wednesday said it has been authorised by the Reserve Bank of India to undertake government business on behalf of the banking regulator. An agreement in this connection was signed by the bank with RBI in Mumbai for appointing TMB as an 'agency bank' of RBI to undertake government agency business. "On getting listed in the stock exchanges, Tamilnad Mercantile Bank Ltd is back to enrich our vision in expanding the network pan India with added features in the products and services," the bank's managing director and CEO S Krishnan said in a press release. "It gives me immense pleasure in sharing this appointment by RBI to all our stakeholders," he added. TMB is one of the oldest private sector banks with a history of over 100 years, having been established in 1921 as Nadar Bank. The bank offers a wide range of services primarily to micro, small and medium enterprises, agricultural and retail customers. The bank had reported 37.1 p

Through this tie-up, the two firms aim to financially secure the lives of TMB's customers across 500 bank branches by offering a comprehensive suite of savings, protection and retirement plans

TMB's NII was up 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore

At present, the bank has 509 branches -- 106 rural, 247 semi-urban, 80 urban and 76 in metropolitan

RBI advised private sector lender to submit a fresh proposal of another Independent Director for the post of Chairman

TMB's IPO was subscribed 2.86 times on the last day of subscription

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The stock listed at Rs 510 on the BSE, while it listed with a 6 per cent discount on the NSE

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Response muted when compared to previous two IPOs; Lender to issue 15.84 million fresh shares via offering

Thus far in calendar year 2022, Indian companies have raised over 40,000 crore from the primary markets via the IPO route, data from PRIME Database showed.

The resilience of the broader markets, however, continued on the bourses with the BSE MidCap and SmallCap indices advanced 0.5 per cent and 0.75 per cent, respectively

The priced band for the IPO is Rs 500-525 per share

Tamilnad Mercantile Bank's dedicated customer base, strong financial track record, healthy asset quality and reasonable valuation make analysts bullish on its IPO

TMB is looking to issue 15.84 million fresh shares in the IPO. At the upper end of the price band, the bank will raise Rs 832 crore and will be valued at Rs 8,314 crore

Tamilnad Mercantile Bank Ltd on Sunday said veteran banker Krishnan Sankarasubramaniam has taken over as its managing director and Chief Executive Officer with immediate effect. Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of three years, which has been approved by the Reserve Bank of India. Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO, a bank statement said here. During his tenure at Punjab and Sind Bank, he played a crucial role in the bank's turnaround leading to it registering the highest ever profit in 2021-22. A post graduate in commerce from the Madurai Kamaraj University and a qualified cost accountant, Sankarasubramaniam had served Syndicate Bank as its executive director before joining Punjab and Sind Bank. As executive director at Syndicate Bank, he was overseeing almost all the portfolios of the bank particularly corporate credit, integrated treasury, risk ...

Analysts recommend traders to maintain a bullish bias and buy on dips