Wednesday, November 11, 2009

Corporation Bank to introduce new logo

Corporation Bank, a public sector bank is the latest bank to get into re-branding exercise after few of the state-owned lenders like Canara Bank, Jammu & Kashmir Bank, Bank of Baroda and Union Bank of India. The bank has planned to start its re-branding process with the introduction of the new logo.

For this bank has already appointed consultants who will be redesigning bank’s 38-year old logo with a view to increase the visibility. JM Garg, chairman and managing director of the bank, has confirmed about the developments to FE.

Garg informed, “We got an approval to alter the font size as well as the colour shades of our existing logo in the recent board meeting of the bank”. He added at present bank is not going to change its entire logo.

The new structural changes in its design are likely to increase the brand image of the bank. But Garg did not reveal any details related to the expenses the bank will incur towards its partial re-branding exercise.

The current logo of Corporation Bank was integrated in 1972 when the name of the bank was changed from Canara Banking Corporation (Udipi) Ltd to Corporation Bank Ltd. In the recent years, the other Indian banks who have changed its logo or underwent a re-branding exercise include UTI Bank, Saraswat Bank, Dhanalakshmi Bank and IndusInd Bank.

The bank has finalized a foreign partner for its proposed foray into non-life insurance business. Garg, did not reveled the name of the prospective foreign partner but told FE, “We have almost finalized a foreign partner for our proposed venture in non-life insurance.” Garg informed a consultant has been appointed for this by the bank and within six months it will be submitting a report.

Garg completely denied the media report that his bank is looking to venture in life insurance business.

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