Synopsis: The Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) Deputy Managing Director Salee Sukumaran Nair for a three-year term, following the resignation of S Krishnan. With over 35 years of experience at SBI, Nair is expected to begin his tenure in September, pending shareholder approval.
The Reserve Bank of India (RBI) has given its approval for the appointment of Salee Sukumaran Nair, a seasoned banker and former Deputy Managing Director (DMD) of State Bank of India (SBI), as the new CEO of Tamilnad Mercantile Bank (TMB).
This decision follows the resignation of S Krishnan, who stepped down in September 2023 under controversial circumstances.
Nair, who retired from SBI earlier this year as DMD and Chief Credit Officer (CCO), brings over 35 years of banking experience to his new role.
His career at SBI began in 1987 when he joined as a probationary officer.
Over the years, Nair has held various key positions, particularly in the corporate accounts group, where he managed large corporate clients.
His expertise extends to international banking, having served in New York and Sydney, where he led SBI’s operations in Australia.
One of Nair's significant contributions at SBI was his leadership in the stressed assets resolution group.
Under his stewardship, the bank successfully reduced its peak Non-Performing Assets (NPA) from 10.96% to 4.90%, a remarkable achievement in the banking sector.
His experience in this area is expected to be invaluable as he takes on his new role at TMB.
Nair's appointment comes at a crucial time for TMB, following the departure of S Krishnan, who resigned shortly after the bank mistakenly credited Rs. 9,000 crore to a Chennai cab driver’s account.
Krishnan was asked to continue until a suitable replacement was found, leading to considerable deliberation between the bank and the RBI over potential candidates.
Despite RBI’s approval, Nair's appointment still requires the endorsement of TMB’s shareholders.
He is anticipated to assume his new role by the first week of September, according to sources familiar with the process.
Nair holds a postgraduate degree in applied electronics, and throughout his career, he has been recognized for his strategic vision and leadership skills.
In addition to his corporate banking roles, Nair has also managed branches in Rajasthan and Western Uttar Pradesh and played a key role in the merger of State Bank of Bikaner & Jaipur with SBI.
As TMB prepares to welcome its new CEO, the bank is expected to benefit from Nair's extensive experience and strong track record in handling complex banking operations and resolving stressed assets.
His leadership will be crucial in navigating the challenges and opportunities that lie ahead for the bank.
In conclusion, the appointment of Salee Sukumaran Nair as the new CEO of Tamilnad Mercantile Bank signals a strategic move to strengthen the bank’s leadership with a seasoned banker at the helm.
With his vast experience in corporate banking and asset management, Nair is well-positioned to guide TMB through its next phase of growth and stability.
As he prepares to take on his new role, all eyes will be on how his leadership will impact the bank’s future performance.
Disclaimer: This article is based on publicly available information and media reports. The details provided are subject to change as the appointment process progresses. The views expressed are for informational purposes only and do not constitute financial or legal advice.
