Oct 29, 2007

Re-branding UTI Bank as Axis Bank

UTI Bank is rechristened Axis Bank. Axis Bank is India's third largest private sector bank and fifth largest bank by market capitalization. Ogilvy & Mather India Ltd was given the task of re-branding.

According to the website of Axis Bank:
"Axis Bank was first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd."

Unit Trust of India (UTI) was a government institution. After the split of UTI in 2002, its subsidaries UTI Securities, UTI MF and UTI Bank were allowed to retain the UTI brand name for five years till January 2008. Due to the maturity of the agreement UTI Bank had decided to shed the UTI brand and went ahead with a much more modern sounding name - Axis Bank.

The new logo has two strokes, the first stroke depicts forward growth while the second stroke signifies a solid support system. The two thick strokes also connote solidity and security, and conveys a sense of authority and credibility.

Moreover, Axis as a brand is suited as a global brand name and can work across geographical boundaries. The choice of the name can be looked as a part of the bank's strategy to mark its presence globally.

Following are some salient points about the bank (as of year 2007):

It has the third largest ATM network in India (2500).
It has the third largest base of debit cards in the country.
It has the third largest EDC network.
It was the first bank in India to adopt Finacle as a core banking software.
It provides Cash Management Services to more than 2300 customers.
It is in the top 3 arrangers of corporate debt in India.
It provides payroll services to over 12,000 corporates.
It is the agency bank for a number of State Governments and Departments of the Central Government.

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