MPW Debutantes: A. Manimekhalai is setting bold new benchmarks in banking with visionary strategy

At work, A. Manimekhalai, MD & CEO of Union Bank of India, focusses fully on the goals in front of her; afterward, she redirects her focus to her personal life. In fact, she actively encourages her teams to finish their work for the day by 6 pm and leave the office. “Creating this clear separation is essential for preserving mental well-being and ensuring productivity,” she says. This balance, she believes, enables everyone to perform at their best in the workplace while also fully enjoying personal time. This has been Manimekhalai’s mantra ever since she started her banking career with the erstwhile Vijaya Bank as an officer in 1988.

The transition from Vijaya Bank to Canara Bank was a turning point in her career. As executive director, she led important business verticals. “Managing the amalgamation of Canara Bank and Syndicate Bank during the challenging period of Covid-19 was complex yet rewarding, requiring the integration of diverse teams, processes, and organisational cultures to ensure seamless operations,” she explains.

She joined Union Bank as CEO in June 2022, fully prepared. Under her leadership, the bank implemented the ‘RACE’ strategy, focussing on the critical areas such as RAM (retail, agriculture, MSME) sectors, asset quality, CASA, and earnings. In FY23, the bank targeted `19 lakh crore in business and 15% growth in operating profit. And it achieved both. In fact, the bank posted its highest-ever net profit of Rs 13,648 crore in FY24, thanks to the strategic initiatives she implemented. Even in the September quarter, the bank’s operating profit at Rs 8,113 crore and net profit at Rs 4,720 crore were at a record high. The bank also raised Rs 8,000 crore through QIP in FY24, a PSB record. All these achievements earned her a place on the BT Most Powerful Women in Business list this year.

The bank, under her watch, launched its flagship ‘Nari Shakti Loans’ in 2023 and has sanctioned over `7,000 crore to over 58,000 women entrepreneurs. It plans to open five more Nari Shakti branches soon to empower women entrepreneurs. With her strategic vision and dedication to empowerment, Manimekhalai is setting new benchmarks in banking.

@anandadhikari