UTI Bank is now Axis Bank

Banking Bureau
Posted: 2007-07-31 00:00:00+05:30 IST
Updated: Jul 30, 2007 at 2319 hrs IST

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'Millionaires to rise in India despite slowdown'3 banks raise non-resident deposit rates Centre sends out 11.5% rate signal Realty prices to fall 50%, says SBI chief

UTI Bank on Monday rechristened itself as Axis Bank. Announcing the new name, PJ Nayak, chairman & CEO, Axis Bank, said the bank has ambitious plans to diversify into non-banking financial sector.

He, however, refused to elaborate further on the bank’s diversification plans.

The bank, with a customer base of six million, is planning inorganic growth for its ventures dealing with new areas. It is also overhauling its corporate banking with the involvement of McKinsey.

“We had to change our name to have our own brand and identity. We had to give up the UTI name after using it for 13 years as we were not prepared to accept terms and conditions (including royalty) from UTI AMC to use the name,” explained Nayak, adding that the new name was chosen considering the bank’s pan-Indian as well as international presence.

“Now we will be seen without a public sector connotation,’’ he averred. According to Nayak, who has a two-year term as chairman and CEO, the bank would go in for international expansion sometime down the line. The bank is well capitalised after raising over $ 1 billion recently and is adding another 150 branches and 584 ATMs. Axis Bank is the fifth largest bank in terms of capitalisation and will have a Rs 1 lakh crore balance sheet by end March 2008.

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Comments

» part time job in audit/inspection/advance follow up

Posted by B.Vishwanath on 2008-11-04 16:28:22.403556+05:30
Just retired as AGM in SBI with over 20 yr service handling high value advances.when retired was handling advances of rs.2500 cr.Interested in part time job in area of audit,inspection ofunit,advaces follow up etc.pl respond

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» why???????

Posted by rima on 2008-10-25 22:23:51.444347+05:30
can anyone plz explain me whts d reason behind changing d name of UTI Bank.?its not clear.

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» mathavan resume

Posted by mathavan on 2008-09-16 16:19:52.539151+05:30
M.Mathavanmathavanmba@yahoo.co.ukMettudayar palayam V.G pudhur (P.O),Valapady, Salem, Pin: 636115Phone: 04292- 224161Mobile: 9894676467OBJECTIVETo secure a challenging entry level in an organization that gives me scope to enhance my skills and knowledge towards the growth of the organization.ACADEMIC CREDENTIALSPost Graduation : MBA in Periyar Institute of Management Studies (PRIMS) Periyar University, Salem. :M COM now doing in annamali universitry Specializations : Marketing Management

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» credit card

Posted by vikas kodan on 2008-09-08 14:48:53.344884+05:30
i want to take one credit card of your bank. please reply.

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» job in your bank

Posted by boidehi on 2008-08-26 15:12:43.846857+05:30
your bank is a great bank I always like to be your patr

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» MBA

Posted by sharanjeet on 2008-08-23 17:23:28.497369+05:30
if any vacancy please call me

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» Bank Statement

Posted by Gopal Haldar on 2008-08-13 09:40:27.587646+05:30
sir,I need bank statement from 01.04.07 to 31.03.08Gopal Haldar

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» for onroll jobs

Posted by HARPREET KAUR on 2008-08-07 14:13:14.976499+05:30
plz tell me onroll jobs

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» why UTI bank has renamed as Axis bank

Posted by Guruprasad on 2008-08-07 09:36:20.281782+05:30
Sir i am confussed about why UTI Bank has renamed as Axis bank

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» statement

Posted by Razia on 2008-08-05 10:50:27.198869+05:30
I Need to March 2008 to August 2008 statement. please send

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UTI Bank is now Axis Bank

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