Tamilnad Mercantile Bank has invited applications from prospective candidates for the post of Managing Director-cum-Chief Executive Officer.

The 95-year-old Thoothukudi-headquartered bank's search has commenced at least seven months ahead of the current managing director, H S Upendra Kamath's term in office ends.

Bank sources maintained that this was not unusual. Kamath's three-year term ends in July 2017.

Inviting applications from prospective bankers – retired or serving, the bank has said the post would be a contractual one for a period of three years.

The bank would offer a salary of Rs 45 lakhs per annum with “excellent perks”. Going by past announcements, the incumbent is being offered Rs 3 lakh/ annum more than the current MD's salary.

This salary, the announcement says, “could be relaxed in the case of candidates with exceptional credentials”.

The deadline for receipt of applications is December 7.

This community-dominated bank is one of the few banks in the country with huge reserves. The bank has consistently declared dividends, perceived to be the highest in the industry.

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