UTI Bank to AXIS Bank: A Corporate Rebranding Exercise


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Case Details:

Case Code : MKTG183
Case Length : 19 Pages
Period : 2006-2007
Pub Date : 2008
Teaching Note :Not Available
Organization : Axis Bank
Industry : Banking
Countries : India

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Background Note

The UTI Bank was one of the first private sector banks which were set up after the reforms in the banking sector in India (Refer to Exhibit I for a brief note on reforms in the Indian banking sector).

It was set up with a capital of Rs. 1.15 billion, with Unit Trust of India (UTI) contributing Rs. 1 billion, Life Insurance Corporation of India (LIC) contributing Rs. 75 million and General Insurance Corporation of India (GIC) and its four subsidiaries contributing Rs. 15 million each (Refer to Exhibit II for the shareholding pattern)...

Need for Change in Name

On April 30, 2007, UTI Bank announced that the bank's board of directors had approved a proposal to change its name to Axis Bank. Nayak explained, "The name has been chosen because it is simple and crisp, transcends geographical boundaries as we seek to become a multinational bank, and connotes stability and solidity...

Rebranding to Axis Bank

On July 30, 2007, UTI Bank rebranded itself as Axis Bank after obtaining the approval from its board, shareholders and the Reserve Bank of India. It also obtained a new certificate of incorporation from The Registrar of Companies.

The management of the bank said that the new name Axis meant 'a line of reference around which all else is measured, or as a line of stability around which the planets and spheres rotate'...

The Media Campaign

On August 1, 2007, the bank started an integrated marketing campaign titled 'UTI Bank is now Axis Bank; Everything is the same except the name'. Sumanto Chattopadhyay (Chattopadhyay), Group Creative Director, O&M, said, "It's [the change in name] something very serious, something that would give people sleepless nights if there was a hint that it's a takeover or something fundamentally changing...

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