Hindujas promoted IndusInd Bank is set to kickstart its re-branding exercise by the end of July.
The private sector lender is currently focusing supply chain finance to grow its business in areas like commodity, remittances and auto.
Brand Union, appointed as consultant by the bank for doing the survey on re-branding, is expected to submit its report by the end of this month, according to Paul Abraham, chief operating officer, IndusInd Bank.
?After that, the bank will start the re-branding process through another consultant, Ogilvy. The initial feedback from the consultant suggests our bank has displayed a new energy level to improve its brand image in the last two years through financial results, customer-friendly approach and more viability. A probable name change will finally reflect all those efforts with a new look of the bank,? he said.
The lender also plans to spend Rs 30-40 crore on promotional blitz for its rebranding. Its current ad spend is pegged at Rs 10-15 crore per year.
IndusInd is the first bank to engage itself for clearing and settlement process with six tea exchanges through an in-house IT trading platform.
Such exchanges brings all participants, including sellers, buyers and tea-boards, in a single platform. IndusInd bank also extends trade finance to the participants in these exchanges.
?The purpose is to serve the entire community in the chain. It forms big chunk of business in the North East. We aim to launch similar products on pepper and soybean,? added Abraham.
On similar lines, the bank has tied up with 40 remittance exchanges in West Asia wherein it has installed its IT platform for money transfer to India.
Here, a customer need not be bank’s account holder. The bank earns 50% commission for every transfer from those exchanges and has registered over 1 lakh remittances every month. IndusInd is also keen to tie up with auto companies.
Said Abraham, ?Our health-profitability-efficiency target, which was supposed to be completed in three years, has been achieved in two years. With re-branding in the offing, our next target will be to scale up of business.?