Tamilnad Mercantile Bank, which will have its initial public offering (IPO) open tomorrow, has appointed veteran banker Krishnan Sankarasubramaniam as its managing director and CEO with immediate effect.

Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of three years. His appointment has been approved by the Reserve Bank of India (RBI).

Prior to taking up the new role, Sankarasubramaniam was serving Punjab & Sind Bank as its MD and CEO.

During his tenure at Punjab & Sind Bank, he played a crucial role in the bank's turnaround leading to it registering the highest ever profit in 2021-22.

A post graduate in commerce from the Madurai Kamaraj University and a qualified cost accountant, Sankarasubramaniam had served Syndicate Bank as its executive director before joining Punjab & Sind Bank.

As executive director at Syndicate Bank, he was overseeing almost all the portfolios of the bank particularly corporate credit, integrated treasury, risk management, compliance besides human resources.

In his career spread across three decades, Sankarasubramaniam gained expertise in all the key areas of banking. He headed various segments including risk management, information systems security, human resources among others.