Business Daily from THE HINDU group of publications
Tuesday, Jul 31, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 31, 2007 ePaper |
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Money & Banking
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Private Banks UTI Bank is now Axis Bank
Our Bureau Mumbai, July 30 UTI Bank has become Axis Bank from today. With this re-branding, the bank plans to diversify into other financial services and restructure its corporate banking. The bank would be adding 4,500 people at different levels during the current fiscal taking the staff strength to 14,500 by March 2008. “The bank had used the UTI brand for 13 years, and has in recent years strongly contributed to the resurgence of the UTI brand,” said Dr P.J. Nayak, Chairman and CEO, Axis Bank. “It was clear that the usage of the UTI brand by several shareholder-unrelated entities was becoming untenable,” he said. The re-branding becomes more important as the bank takes its initial steps in establishing a global footprint, he said. The bank has offices in Singapore, Hong Kong, Shanghai and Dubai. It seeks to expand further its international presence to become a multinational bank. Axis refers to a line of reference and stability. Just like the twins (seen in the bank’s advertisements), everything in the bank remains same except the name, explains Mr Hemant Kaul, President-Retail Banking, Axis Bank.
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