The Hindu Business Line : TMB opens branch in Surat

Tuticorin-based Tamilnad Mercantile Bank has opened its 191st branch in Surat, Gujarat. The branch with computerised operations and safe-locker facility is the second branch at Surat and the fifth in Gujarat. The branch network would increase to 200 shortly. The business volume has crossed Rs 10,000 crore in 2006-07. The fundamentals are strong with the capital adequacy ratio at 16.77 per cent and the capital and reserves at Rs 759.15 crore as on March, 2007. In order to increase fee-based income, the bank entered into a tie-up with Religare Securities Ltd to offer security trading platform for the customers. Possible acquisition of small-sized banks in 2009 are being explored, said Mr G.Narayana Moorthy, MD and CEO.- Our Correspondent

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