RBI approves appointment of Salee Nair as MD & CEO of Tamilnad Mercantile Bank

The private lender informed that the Reserve Bank of India has approved the appointment of Salee Sukumaran Nair as managing director (MD) & chief executive officer (CEO) of the bank, for a period of 3 years, from the date of assuming charge.

Salee Nair, a post graduate in Applied Electronics, started his banking career in the year 1987. He joined State Bank of India as a probationary officer. In a career span of more than 35 years, he has handled various assignments, mostly in the Corporate A/c Group, handling large Corporates. He also had two assignments in the International Banking group of SBI, first at New York, USA and later heading the Australian Operations based at Sydney.

The private sector bank also stated that the appointment is subject to the approval of the shareholders.

Tamilnad Mercantile Bank is one of the renowned old private sector banks. TMB has a pan India presence with 536 branches, 1,149 ATMs and 324 CRMs

The bank's net profit jumped 11.54% to Rs 261.53 crore on 15.86% increase in total income to Rs 1,322.89 crore in Q1 FY24 over Q1 FY23.

The scrip rose 0.93% to close at Rs 451.15 on Friday, 16 August 2024.

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