Private lender plans liaison offices in key global markets while stepping up cybersecurity investments
Tamilnad Mercantile Bank (TMB) is planning to establish liaison offices in Singapore, Malaysia and West Asia as part of a long-term strategy to strengthen its engagement with non-resident Indians (NRIs) and expand its overseas presence, the bank’s Managing Director and Chief Executive Officer Salee S. Nair has said.
The Tuticorin-headquartered private sector lender believes a physical presence in major overseas markets will help deepen relationships with NRI customers, particularly as it seeks to grow foreign currency deposits and cross-border banking services. Liaison offices will enable the bank to assess market opportunities and build customer networks before considering broader international operations.
The move comes as TMB aims to mobilise at least USD 50 million through Foreign Currency Non-Resident Bank [FCNR(B)] deposits under the Reserve Bank of India’s special deposit window. The bank has already raised around USD 10 million and expects to achieve its target before the September deadline.
Alongside its overseas plans, TMB intends to significantly increase spending on cybersecurity as it accelerates its digital transformation. The bank currently allocates around 10 per cent of its technology budget to cybersecurity and plans to raise this to at least 20 per cent of its technology expenditure in the coming years.
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The enhanced investment follows growing concerns over cyber threats in the banking sector and is aimed at strengthening customer data protection and digital resilience
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TMB has already reinforced its information security framework by upgrading its Chief Information Security Office and implementing an IBM-backed Security Operations Centre to monitor and respond to cyber risks
The lender is also expanding its domestic presence in Kerala, a key NRI market, by increasing branch coverage and recruiting experienced managers to support its growth strategy. Bank officials said the combined domestic and overseas initiatives are intended to position TMB more strongly in serving the financial needs of the Indian diaspora while supporting its broader digital banking ambitions.
