Nagendra Murthy appointed MD of TMB

TMB has promoted one of its general managers as managing director and CEO effective July 3, the first time in many years that the 90-year-old private sector bank has elevated an existing employee to the top post.  Nagendra Murthy, GM (Credit) of the bank, has been named the new MD. 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. 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.