TMB to open 6 new branches; targets Rs 1 lakh crore biz in 4 years
Updated: Aug 12, 2014 02:21:00pm
Coimbatore, Aug 12 (KNN) Tamilnad Mercantile Bank (TMB) has plans to set up Corporate Banking Cells in six big cities, targeting Rs one lakh crore annual business in another four years from the existing Rs 41,000 crore.
Managing Director and Chief Executive Officer of the bank, H S Upendra Kamath told media that the drivers of growth for the bank on the credit front were agriculture, retail, MSMEs and other priority sectors.
The bank has plans to open corporate branches in Mumbai, New Delhi, Chennai, Coimbatore, Hyderabad and Bangalore which would be started in another 45 days as Corporate Banking Cells in a branch in these cities.
The bank, which did a total business of Rs 41,000 crore in 2013-14, is planning to open a large number of branches in Andhra Pradesh, Karnataka, Kerala, Telangana, Gujarat and Maharashtra in the next 3 years, he said.
The entry into corporate lending would be gradual and calibrated, he said.
The bank was targeting Rs one lakh crore annual business in another four years from the existing Rs 41,000 crore.
It had 385 branches now and 80 per cent of these are in Tamil Nadu and Puducherry.
"Our medium-term goal is to make TMB a pan-India bank," Kamath said.
"We have no presence in many states now," he said. After the expansion of its branch network in the southern states, the bank would focus on widening its footprint in the northern and eastern regions of the country, Kamath stated.
Kamath said the bank had not been able to hold its annual meeting for the last four years.
“We are working on it and, hopefully issues will be resolved and we will be able to hold it (AGM) soon. We are trying our level best to hold it,” he said. (KNN/SD)
Managing Director and Chief Executive Officer of the bank, H S Upendra Kamath told media that the drivers of growth for the bank on the credit front were agriculture, retail, MSMEs and other priority sectors.
The bank has plans to open corporate branches in Mumbai, New Delhi, Chennai, Coimbatore, Hyderabad and Bangalore which would be started in another 45 days as Corporate Banking Cells in a branch in these cities.
The bank, which did a total business of Rs 41,000 crore in 2013-14, is planning to open a large number of branches in Andhra Pradesh, Karnataka, Kerala, Telangana, Gujarat and Maharashtra in the next 3 years, he said.
The entry into corporate lending would be gradual and calibrated, he said.
The bank was targeting Rs one lakh crore annual business in another four years from the existing Rs 41,000 crore.
It had 385 branches now and 80 per cent of these are in Tamil Nadu and Puducherry.
"Our medium-term goal is to make TMB a pan-India bank," Kamath said.
"We have no presence in many states now," he said. After the expansion of its branch network in the southern states, the bank would focus on widening its footprint in the northern and eastern regions of the country, Kamath stated.
Kamath said the bank had not been able to hold its annual meeting for the last four years.
“We are working on it and, hopefully issues will be resolved and we will be able to hold it (AGM) soon. We are trying our level best to hold it,” he said. (KNN/SD)
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