Now UTI Bank’s Name will be Axis Bank, Why?
Axis Bank will be the new name for UTI Bank. The bank’s board decided on the new name at a meeting in Mumbai.Axis Bank is born out of the pressure on UTI Bank to shed its brandname after the split of the erstwhile UTI. Though UTI was a government instutition, its subsidiary UTI Bank has been categorised as a private sector bank, according to RBI guidelines.
The name change to Axis Bank means that UTI Bank will have to undergo a re branding exercise soon. The rebranding process is expected to be complete by September 2007.
After the split of UTI, entities like UTI Securities, UTI MF and UTI Bank were all allowed to retain the UTI brand name for a while. Now that it is time for UTI Bank to shed the brand name, it has opted to go for the more modern-sounding Axis Bank.
The change of name to Axis Bank is expected by end-June.
The change of name to Axis Bank is subject to clearance from shareholders and regulators.
The government still has a 26% stake in UTI Bank. This stake is up for sale.
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