HomeMarket NewsStocks NewsRBI approves appointment of Salee Sukumaran Nair as MD and CEO of Tamilnad Mercantile Bank
Shares of Tamilnad Mercantile Bank Ltd ended at ₹451.90, up by ₹4.90, or 1.10% on the BSE.
Private sector lender Tamilnad Mercantile Bank (TMB) on Friday (August 16) said the Reserve Bank of India (RBI) has approved the appointment of Salee Sukumaran Nair as its new Managing Director and Chief Executive Officer.
Nair’s tenure as MD and CEO will span three years from the date he assumes charge, pending approval from the bank’s shareholders. He is a postgraduate in Applied Electronics and started his banking career in the year 1987.
He joined India’s largest public sector bank, the 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 account group, handling large corporates.
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He also had two assignments in the International Banking group of SBI, first in New York, USA and later heading the Australian Operations based in Sydney. He has also had a retail stint managing the branches of Rajasthan & Western Uttar Pradesh for the bank and was involved in the merging of State Bank of Bikaner & Jaipur with SBI. He has extensive experience in managing stressed assets.
He took over as Chief General Manager in the Stressed Asset Vertical of the Bank in July 2017, where he was engaged in resolving NPA through the restructuring / IBC /Compromise/ ARC Sale route. Subsequently, in April
2020, he took over the Stressed Assets Resolution Group as the Deputy Managing Director, a position he held until September 2021.
In his term in the Stressed Assets Resolution Group of SBI, he oversaw the reduction of peak NPA of 10.96% to 4.90%. Subsequently, he took over as Deputy Managing Director in charge of SME, Agriculture & Financial inclusion vertical from September 2021 to July 2022.
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His last assignment was as Deputy Managing Director and Chief Credit Officer of SBI, till May 2024 and was responsible for managing the credit portfolio.
Shares of Tamilnad Mercantile Bank Ltd ended at ₹451.90, up by ₹4.90, or 1.10% on the BSE.
