UTI Bank officially becomes Axis Bank

30 July 2007

Mumbai: UTI Bank Ltd has issued a fresh certificate of incorporation to the bank in the name of `Axis Bank Ltd''. With this, the change in name of `UTI Bank Ltd'' to `Axis Bank Ltd'' has become official. (See: UTI Bank to change name to Axis Bank)

The Registrar of Companies has issued a fresh certificate of incorporation to UTI Bank, the country''s third largest private sector lender, officially changing its name to Axis Bank Ltd, the bank said in a filing with the Bombay Stock Exchange (BSE).

The change of name to Axis Bank is effective 30July, this year, the bank said in its release.

Following this, the bank would change its logo and its colour, executive director (corporate strategy) of the bank R Ashok Kumar said. The bank is likely to spend around Rs50 crore in the re-branding exercise, he added.

The change in name was considered for avoiding confusion as several unrelated entities were using the UTI brand. The board of directors of UTI Bank had, on April 30, approved the proposal to change its name to Axis Bank. UTI Asset Management Company owns the UTI brand.

The bank has chalked out a strong communication campaign over the year. On August 1, the bank will launch a nationwide advertisement campaign with a catchline, ''Twins both equal''. The entire branding exercise is expected to cost the bank around Rs50 crore