Mumbai: Indian private-sector lender UTI Bank said on 30 April it planned to change its name to Axis Bank Ltd as it will lose the rights to use the UTI brand name.
UTI Bank was formed by the government-owned Unit Trust of India. A 28% stake in UTI Bank still owned by a government administrator is up for sale.
The name change is subject to regulatory and shareholders’ approval, the bank said.
The bank also said P.J. Nayak would continue as chairman but relinquish the position of managing director, after the central bank declined to approve his designation as chairman and managing director because of corporate governance issues.