In a bid to completely overhaul its brand image, 15-year-old IndusInd Bank, the Hinduja-owned private lender, is going for a name change.

Confirming the move, the bank?s managing director and CEO Romesh Sobti said, ?Although, the proposed name change is likely to happen in the current year, a delay is not ruled out completely as it is a time consuming process. First, we intend to approach the Reserve Bank of India (RBI) to seek the regulatory approvals for the name change?.

IndusInd is expected to be the second new generation private sector bank to opt for a name change in the country, the first one being UTI Bank that got renamed as Axis Bank two years ago.

As reported by FE on March 27, 2009, IndusInd Bank is expected to spend Rs 90 to 100 crore over the next few years to refurbish its existing network of 180 branches with a new look and the changed signage. Sobti added, ?To improve the visibility of our branches across the country, we have to brighten the current red and white colour combination used in IndusInd Bank?s billboards and logo.?

Incidentally, a few months ago, Hinduja group renamed its fully owned Switzerland-based investment and wealth management bank, Amas Bank to Hinduja Bank Limited, which incidentally also enjoys a strategic partnership with IndusInd Bank.

Sources reveal that IndusInd Bank is likely to get renamed as Hinduja Bank although Sobti did not comment on this issue. Sobti however did say his priority would be to upgrade employee efficiency within the bank through training before announcing an external change.

IndusInd Bank currently operates 180 branches and 386 ATMs across the country. It has already got RBI?s approval to open 30 new branches, which it plans to do so in the next few months.

By March 31, 2010 IndusInd Bank plans to operate 225-230 branches in India.

Over the next two to three years, the bank intends to have 500 to 700 ATMs in the country.

Growth path

•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 the changed signage

• IndusInd Bank currently operates 180 branches and 386 ATMs across the country.

• It has already got the regulator?s approval to open 30 new branches, which the bank intends to exhaust within few months. By March 31, 2010 IndusInd Bank plans to operate 225-230 branches in India