Mumbai: The name of the country’s third largest private sector lender UTI Bank has been officially changed to the Axis Bank Ltd with effect from 30 July.
The Registrar of Companies has issued a fresh certificate of incorporation, the bank has informed the Bombay Stock Exchange, adding that “with this, the name of UTI Bank has been changed to Axis Bank Ltd with effect from 30 July”.T
The company’s board had approved the proposal to change its name on 30 April.
The change in name was considered for avoiding confusion as several unrelated entities were using the UTI brand, executive director (corporate strategy) of the bank R Ashok Kumar had said earlier.
The UTI brand is owned by UTI Asset Management Company.
Regarding the re-branding strategy, Kumar said the bank had hired advertising firm O&M to help in creating awareness of the new brand across the country.
The bank would change logo and colour of logo, he had said, adding, the bank is likely to spend around Rs50 crore in the re-branding exercise.