Corporation bank is the latest public sector bank to join the rebranding bandwagon, following state-owned lenders like Canara Bank, Jammu & Kashmir Bank, Bank of Baroda and Union Bank of India. Corporation Bank has planned a re-branding exercise, starting the move with the introduction of the new logo.
The bank has already appointed consultants who have been assigned the task to redesign its 38-year old logo in a bid to increase the visibility. JM Garg, chairman and managing director of the bank, has confirmed th development to FE.
?We got an approval to alter the font size as well as the colour shades of our existing logo in the recent board meeting of the bank,? Garg said. But the bank has no plans to change its entire logo, he added.
The proposed structural change in its design is expected to enhance the brand image of the bank. However, Garg did not divulge any details pertaining to the expenses the bank would incur towards its partial rebranding exercise.
Corporation Bank?s current logo was incorporated in 1972 when the name of the bank was changed from Canara Banking Corporation (Udipi) Ltd to Corporation Bank Ltd. Other Indian banks that also have changed its logo or underwent a re-branding exercise in recent years include UTI Bank, Saraswat Bank, Dhanalakshmi Bank and IndusInd Bank.
The bank has zeroed in on a foreign partner for its proposed foray into non-life insurance business. Without disclosing the name of the prospective foreign partner, Garg told FE , ?We have almost finalised a foreign partner for our proposed venture in non-life insurance.? Garg added that his bank has appointed a consultant for this and it was likely to submit a report within six months .
However, Garg denied the media report that his bank was also looking at its foray in life insurance business.