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Reliance Securities' IPO Report
Tamilnad Mercantile Bank Ltd. was incorporated in 1921 as Nadar Bank Ltd. and is one of the oldest private sector banks in India. Bolstered by its strong portfolio of advances and deposits from a diversified customer base including retail customers, agricultural customers, and micro, small and medium enterprises, the company offers an array of banking and financial services to retail customers, MSMEs, etc.
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As of March 2022, the bank has a strong branch network of 509 branches and a total customer base of 5.08 million.
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Tamilnad Mercantile Bank has a significant market presence in the state of Tamil Nadu with 369 branches, and is also present in 15 other states and four union territories of India. The company added nine new ATMs and 22 new cash recycling machines during FY22. It also added 52 new e-lobbies.
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