board of directors of UTI Bank today decided to change the name of the bank to
Axis Bank, pending shareholder approval. UTI Bank was the first private sector
bank owned by a public undertaking, to commence operations in 1994.
If the shareholders approve,
the bank would have to obtain subject to the approval by the central government
(Registrar of Companies) and the Reserve Bank of India.
bank would then have to amend its memorandum and articles of association to change
the name of the bank from UTI Bank Ltd to Axis Bank Ltd.
board feels that the need for the change of name has arisen from the existence
of several shareholder-unrelated entities using the UTI brand, and the consequent
brand confusion that the UTI brand generates.
name will take effect consequent to the approval of shareholders, Reserve Bank
of India and the central government (Registrar of Companies). It is anticipated
that this should occur by end-June 2007, and the rebranding process is expected
to be completed within another three months.
board has also recommended the appointment of P J Nayak, chairman
and managing director, as whole-time chairman, subject to approval of the Reserve
Bank of India, the Specified Undertaking of the Unit Trust of India and shareholders
with effect from August 01, 2007.
had put in his papers aftetr the RBI had sought to split the post of chairman
and managing director of the bank, in line with the Ganguly committee report on
corporate governance and international best practices.