UTI Bank is now Axis Bank

Written by Banking Bureau | Mumbai, Jul 30 | Updated: Jul 31 2007, 04:49am hrs
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 banks 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 banks 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.