UTI Bank is Axis now

UTI Bank has become Axis Bank. The Registrar of Companies (RoC) today issued a fresh certificate of incorporation to the bank in the name of Axis Bank.

The bank had appointed an internal committee and also sought help from its official advertising agency, O&M, for the name change. "We believe in the past five to six years, UTI Bank has contributed to the resurgence of the UTI brand. The bank had a role to play in this. Post-January 2008, we need to give up the UTI brand name and hence the rebranding,'' said Hemant Kaul, president, retail banking, UTI Bank.

The change in the bank's name follows a year-long tiff between UTI Mutual Fund and the bank over the use of the brand name, UTI.

According to a deal between the government and the fund's four sponsors "" State Bank of India, Life Insurance Corporation, Bank of Baroda and Punjab National Bank "" UTI's nine subsidiaries could use the brand name for free till January 2008.

After the period ended, UTI Bank, UTI Securities, UTI Technology Services and UTI Investor Advisory Services had to pay royalty to the fund house. UTI Mutual Fund, however, suggested that the bank continue using the brand name beyond 2008 sans royalty fees, but wanted a non-compete clause to be built in, besides seeking a joint brand promotion.

The bank has retained the burgundy colour, but has changed the logo. The logo uses the alphabet 'A' from the word Axis. The logo depicts a strong growth path for the bank supported by a strong base, indicating that the bank is moving on from a position of strength. Earlier, the bank's logo used the letters U, T and I.

"Our central message is that nothing has changed except the name. The continuity is maintained through the colour. The committee had shortlisted 50-odd names. Finally, we chose the name Axis from a group of ethnic, traditional and funky names. We chose Axis as it is simple and it conveys a sense of solidity and a sense of maturity. It also has a universal appeal,'' said Kaul.

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 Rs 50 crore.

"The huge task at hand is to change the signages across 600 offices and 2,457 ATMs in 346 cities, towns and villages. We will immediately change the signages across eight major cities, including Delhi, Bombay, Kolkata, Hyderabad, among others, while in other 250 cities, we aim to change the signages by the end of September,'' added Kaul.

The bank has a customer base of about 60 lakhs. It is using the internet, automated teller machines, mobile channels, call centres to inform its customers about the change in name. The bank has redesigned 96 elements, including cheque books, welcome kits, payorders, among others, suggesting the name change.