Andhra Bank launches brand-building initiative

State-run lender Andhra Bank today launched a major brand-building initiative by unveiling a new mascot and also a new corporate slogan with the aim of growing its business to Rs 1.50 lakh crore by September 2010 by expanding its presence across the country.     

Andhra Bank Chairman and Managing Director R S Reddy today unveiled Dolle, a "friendly, intelligent and responsive" dolphin that will be the bank's new mascot. 'For all your needs' – with a graphic ‘enter’ key will be the bank’s new corporate slogan.     

"Our new mascot and the corporate slogan symbolise the value system that Andhra Bank has been known for. We will now spread our wings across the country by opening more branches over the next one year and take the business to Rs 1.50 lakh crore from the present Rs one lakh crore," Reddy told reporters here on the occasion.     

Andhra Bank, which has 1,438 branches in India, derives about 40 per cent of its business from outside Andhra Pradesh. "We already have obtained permission from the Reserve Bank of India for opening 121 new branches and will seek permission for opening 100 more," he said, adding that they have raised Rs 520 crore last week to improve capital adequacy to about 13.5 per cent.