UTI Bank to AXIS Bank: A Corporate Rebranding Exercise
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Case Details:
Case Code : MKTG183
Case Length : 19 Pages
Period : 2006-2007
Pub Date : 2008
Teaching Note :Not Available Organization : Axis Bank
Industry : Banking
Countries : India
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Excerpts
Background Note
The UTI Bank was one of the first private sector banks which
were set up after the reforms in the banking sector in India (Refer to Exhibit I
for a brief note on reforms in the Indian banking sector).
It was set up with a capital of Rs. 1.15 billion, with Unit Trust of India (UTI)
contributing Rs. 1 billion, Life Insurance Corporation of India (LIC)
contributing Rs. 75 million and General Insurance Corporation of India (GIC) and
its four subsidiaries contributing Rs. 15 million each (Refer to Exhibit II for
the shareholding pattern)...
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Need for Change in Name
On April 30, 2007, UTI Bank announced that the
bank's board of directors had approved a proposal to change its name
to Axis Bank. Nayak explained, "The name has been chosen because it
is simple and crisp, transcends geographical boundaries as we seek
to become a multinational bank, and connotes stability and solidity...
Rebranding to Axis Bank
On July 30, 2007, UTI Bank rebranded itself as Axis Bank
after obtaining the approval from its board, shareholders and the Reserve Bank
of India. It also obtained a new certificate of incorporation from The Registrar
of Companies.
The management of the bank said that the new name Axis meant 'a
line of reference around which all else is measured, or as a line of stability
around which the planets and spheres rotate'...
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The Media Campaign
On August 1, 2007, the bank started an integrated marketing campaign titled 'UTI Bank is now Axis Bank; Everything is the same except the name'. Sumanto Chattopadhyay (Chattopadhyay), Group Creative Director, O&M, said,
"It's [the change in name] something very serious, something that would give people sleepless nights if there was a hint that it's a takeover or something fundamentally changing...
Excerpts Contd...>>
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