New Delhi: UTI Bank rebranded itself as Axis Bank on Wednesday. The rebranding follows approvals from the board, shareholders and the Reserve Bank of India, and after obtaining a new certificate of incorporation from The Registrar of Companies.
The Bank had used the UTI brand with great pride for the last 13 years, and has in recent years strongly contributed to the resurgence of the UTI brand. The rebranding has been necessitated due to the limitations on the use of the brand after January 2008.
The Bank has therefore decided to create a distinct brand identity for itself. Rebranding provides an opportunity to communicate elements of personality, values and vision, which are specific to the Bank.
This rebranding becomes more important as the Bank takes its initial steps in establishing a global footprint.
Axis as a name is simple, it connotes solidity and stature, and conveys a sense of authority and credibility. Axis as a brand further has the ability to transcend geographical boundaries - this is relevant as the Bank has built an initial pan-Asian network with offices in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence.
Graphically, in the new logo, the first stroke depicts forward growth while the second stroke signifies a solid support system. The two thick strokes also connote solidity and security.
Chairman and Managing Director, Axis Bank, P J Nayak said, “It was becoming increasingly clear that the usage of the UTI brand by several shareholder-unrelated entities was becoming increasingly untenable, and we are now very pleased to assume our very own brand. The new name has grown on us over the last several weeks, and we were encouraged to adopt it as geometers conceive of an axis as a line of reference around which all else is measured, or as a line of stability around which the planets and spheres rotate!”
“Further, while our name has changed, nothing else has. The promoters, the network, the teams, the products, the technology and the customer service remain the same. In recent years the Bank has gained considerable market share in products and services where technology underpinning and customer relationships are key differentiators. On this platform as Axis Bank, we will endeavor to build a high quality bank,: he added.
Axis Bank has a strong banking franchise spanning Corporate Banking, Capital Markets and Retail Banking. Axis Bank has over 6 million customers serviced through a wide network of 580 Branch Offices and Extension Counters and over 2457 ATMs. Axis Bank is located at 350 cities, towns and villages.
The Bank has business in excess of Rs.1,02,000 crores, with deposits of Rs 61,091 crores and Net Advances of Rs.41,285 crores as on June 30, 2007.
Axis Bank has the third largest ATM network in India, it has the third largest base of debit cards in the country, and also has the third largest EDC network. Axis Bank provides payroll services to over 12,000 corporates across 28 lakh salary accounts.
Axis Bank is among the largest providers of Cash Management Services in the country catering to more than 2300 customers. For the last three years Axis Bank has been among the top three arrangers of corporate debt in India. Axis Bank is the agency bank for a number of State Governments and Departments of the Central Government.
Axis Bank is strongly capitalised. The Bank has recently issued fresh capital of Rs 4534 crores through a combination of GDR, QIP and preferential issue of shares to its promoters. Axis Bank’s capital adequacy ratio based on the additional capital raised and net customer assets as on 30.06.07 is estimated at just below 19 per cent.
The market capitalisation of the Bank as on July 27, 2007 was Rs 21,817 crores, Axis Bank is the fifth largest Bank by market capitalisation in India.
(With moneycontrol.com report)
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