The Hinduja-owned private lender, IndusInd Bank, is expected to spend about Rs 90-100 crore in the next couple of years to refurbish its existing network of 180 branches with new look and changed signage.
Also, the bank’s management is contemplating a move to rename IndusInd Bank and appoint an iconic brand ambassador. In case it goes ahead with its rebranding exercise, IndusInd will be the second private sector bank to opt for a name change in India, the first one being UTI Bank that got renamed as Axis Bank two years back.
However, IndusInd Bank managing director and CEO Romesh Sobti said, “The renaming is not likely to happen in the near future and the management is yet to decide on the appointment of a brand ambassador.”
“In the next fiscal, we intend to refurbish 20 branches of our bank and this exercise will continue in a phased manner,” he added.
Incidentally, Hinduja group recently renamed its fully-owned Switzerland-based investment & wealth management bank, Amas Bank to Hinduja Bank Limited, which also enjoys a strategic partnership with IndusInd Bank.
Earlier, Sobti had said that his bank, which had lagged behind its peers in the last decade, had big expansion plans and was drawing the attention of many potential investors from overseas market.
“If an investor approaches us with a compelling proposition that not only fetch us the funds but also brings an array of added advantages like product capabilities or special skills that we do not posses at present, we may liquidate up to 5% stake of our bank,” he had said.