Axis Bank was formerly known as UTI Bank. It was forced to change its name after splitting from UTI Mutual Fund over disputes regarding use of the UTI brand name. The bank appointed a committee to select a new name, which chose "Axis" as it conveys a sense of solidity and maturity. Bank executives said the name change was necessary to have their own brand identity and avoid confusion with other entities using the UTI name. The bank has launched an advertising campaign and plans to change signage at all offices and ATMs to complete the rebranding process.

1. Unanswerable Questions Why did the chicken cross the road? Why doesn't glue stick to the inside of the bottle? Why do they call someone "late" if they die early? If a deaf person has to go to court, is it still called a hearing? Why is it called a TV "set" when you only get one?

2. Question to ponder about?... A very common visit place for the salaried class A hard core banking company with a deposit base of Rs. 61,000 crores. Widespread presence throughout the country A company of the above cadre has come up with a name change. Any guess??

3. Why is now !!! Axis Bank is born out of the pressure on UTI Bank to shed its brandname after the split of the erstwhile UTI. The change in the bank’s name follows a year-long tiff between UTI Mutual Fund and the bank over the use of the brand name, UTI. According to a deal between the government and the fund’s four sponsors — SBI, LIC, Bank of Baroda and PNB— UTI’s nine subsidiaries could use the brand name for free till January 2008.

4. How the story moved about?.. Post Jan 2008, UTI Bank, UTI Securities, UTI Technology Services and UTI Investor Advisory Services had to pay royalty to the fund house. UTI Mutual Fund had suggested that the bank continue using the brand name beyond 2008 sans royalty fees, but wanted a non-compete clause to be built in, besides seeking a joint brand promotion. However, UTI Bank opted for a new name and appointed a committee to select an appropriate name The Committee short-listed around 50 names before selecting “Axis”

5. What do experts say!!!!! “ 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 from UTI AMC to use the name” - PJ Nayak, chairman & CEO, Axis Bank “ Our central message is that nothing has changed except the name. The continuity is maintained through the color. We chose Axis as it is simple and it conveys a sense of solidity and a sense of maturity. It also has a universal appeal” - Hemant Kaul, president, retail banking, UTI Bank. “ The change in name was considered for avoiding confusion as several unrelated entities were using the UTI brand” ED (corporate strategy) R Ashok Kumar

6. Way Forward…. The bank has chalked out a strong communication campaign over the year. On August 1, the bank will launch a nationwide advertisement campaign with a catchline, ‘Twins both equal’. The entire branding exercise is expected to cost the bank around Rs 50 crore. Another huge task the bank proposes is to change the signages across 600 offices and 2,457 ATMs in 346 cities, towns and villages. The signages across eight major cities, including Delhi, Bombay, Kolkata and Hyderabad would be changed immediately and in other 250 cities, by the end of September.

7. Thank you!!!!!....