Tamilnad Mercantile Bank promotes Murthy to Managing Director-CEO

Nagendra Murthy, erstwhile General Manager of the Credit Department of Tamilnad Mercantile Bank, has been named Managing Director.

The vacancy was left open after AK Jagannathan quit in February, ending a one-and-a-half-year stint. Three outsiders were in race for the post.

This is the the first time in many years that the 90-year-old private sector ank has elevated an existing employee to the top post.

Murthy started his career as a probationary officer in Indian Bank, Mumbai, in 1973.

The bank, headquartered in Tamil Nadu's coastal town of Tuticorin, is a stronghold of the Nadar community who have a fierce sense of ownership of the bank. It has been in the news often for a longstanding ownership tussle.

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