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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