UTI Bank now is Asix Bank

The erstwhile UTI Bank has changed its name to Axis Bank effective July 30, 2007. This is the first time that a bank has gone in for a brand-change voluntarily; earlier names of banks have been changed either due to a merger or an acquisition.

UTI brand was given in 1994 by its promoters and UTI Bank could use the brand only till January 2008 as per Govt directives. Many unrelated shareholder entities like UTI Technological Services, UTI Investor Services and UTI Securities were carrying the UTI brand.

Axis refers to a line of reference, stability and maturity. The new logo of the bank has the same colour as the previous UTI logo but now uses the alphabet ‘A’ from the word Axis. The bank is also publicising the change through campaign titled “Twins both equal”.

Axis Bank has business of Rs.102,000 crore with a market capitalisation of Rs.21,817 crore making it the fifth largest in India. It has 60 lakh customers and communicating to them the name change would be the prime exercise for the bank.

Immediately, the bank will replace signages in 8 metro cities while in other 250 cities by September. It is also informing customers about the brand change though Internet and mobile banking, ATM, call centres, newspapers and radio. Even elements like cheque books, welcome kits, payorders have been resigned to reflect the new look.

Now with a name having universal appeal, the bank would now work towards becoming a multinational bank and diversifying into other financial services like AMC, insurance and restructure operations to reflect a modern approach to banking.

However, the bank also has a task in its hand to communicate to the customers and public about its nature as having a UTI name prefixed would have implied that it has been a quasi-government bank. It would also have to educate about its shareholding to further expand itself into the retail business.

From:http://www.labnol.org/india/corporate/axis-bank-transforming-uti-bank-into-a-global-modern-bank/1023/
Sumit Jaswal