TMB to open 50 branches by Nov: CEO

Tuticorin, Tamil Nadu, Aug 12: The Tamilnad Mercantile Bank (TMB) will approach the Reserve Bank of India (RBI) for permission to open 50 new branches by November this year, a top official has said. Speaking on the occassion of the opening of its 189th branch at Nandyal in Andhra Pradesh, TMB Managing Director and CEO G Naraya Moorthy said the bank was on an expansion spree and its network would increse to 200 by November 2007. It would open 15 branches in Andhra Pradesh, he said.

The bank had introduced more retail products such as TMB Traders, TMB Education, TMB Tractor and TMB Easy Mortgage among others to target retail advances carrying a 'low' interest rate compared to other banks.

The bank had networth of Rs 759 crore as on March 31, 2007, he said and added it had recommended a dividend of 1,000 per cent for 2005-06 and 2006-07.

UNI