May 18, 2024

Tamilnad Mercantile Bank to focus on phygital platform, network expansion: MD&CEO


Private sector Tamilnad Mercantile Bank would focus on strengthening its exposure in the phygital platform besides expanding its branch network during the current financial year, a top official said on Thursday.

The Tamil Nadu-based bank’s Managing Director and CEO S Krishnan who recently assumed office said retail, agriculture and micro, small and medium enterprises (RAM) segments would be the focus areas as this vertical comprises 88 per cent of the bank’s exposure.

“In the retail segment, I will be focusing on home loans and vehicle loans,” he told reporters.

“We have mobilised about Rs 850 crore and our immediate focus will be RAM segment. I will be focusing more on phygital — more focus on digital..,” he said.

On the shares of the bank which made a muted market debut on Thursday, Krishnan said, “today it is a debut and it all depends on market condition…my preliminary view is that we are good. I expect it will further pick up in days to come.”

Shares of Tamilnad Mercantile Bank made a muted market debut and fell by nearly 3 per cent at the NSE against its issue price of Rs 510.

At the NSE, the stock made its debut at Rs 495, lower by 2.94 per cent from the issue price. 

Asked about the share of promoters post the company’s initial public offering, Krishnan said, “it is a professionally managed company and there is no promoter (right now). All the traditions and legacy (of the bank) will be followed.”        

On his vision, Krishnan said, “I want to promote this bank as a strong mid-size bank.”

Krishnan took over as the Bank’s MD and CEO on September 5 succeeding K V Rama Moorthy. His term would be for a period of three years, approved by the Reserve Bank of India.