UTI Bank to AXIS Bank: A Corporate Rebranding Exercise |
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"The UTI brand name was given to us by the promoters. The name has grown on us. The change in name is on account of several shareholder-unrelated entities using the UTI brand and the consequent brand confusion. The new name, Axis Bank, will give us a brand of our own."1 - P Jayendra Nayak, Chairman & Managing Director, Axis Bank, in July 2007. "The change of name from UTI Bank to Axis Bank is precisely just a name change. Everything else about the brand remains the same. Axis is a strong name with an international aura to it. It is very much in keeping with UTI's success story in the private banking arena." 2 - Sumanto Chattopadhyay, group creative director, Ogilvy & Mather3, in August 2007. UTI Bank by any Other Name...
In addition to changing its name, the bank also changed its logo. The bank hired Ogilvy & Mather (O&M) to design and implement the rebranding campaign. The simple but high-decibel integrated marketing communication campaign sought to reassure the bank's customers that nothing had really changed in the bank except its name. And the customers could expect the same level of service from the bank as earlier.
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1] Anita Bhoir, "'We Will Soon Foray into
Asset Management'," www.business-standard.com, July 31, 2007. |
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