Saraswat Bank hopes to rope in Indian Idol

Coop bank seeks Abhijeet Sawant as ambassador.

Abhijeet Sawant, winner of Sony Entertainment's Indian Idol contest, may end up being the brand ambassador for an urban co-operative bank. Saraswat Co-operative Bank, the multi-state co-operative bank, is toying with the idea of asking the newest youth icon to endorse its banking products.

"We are planning to rope in a youthful face that will enable the bank to promote its banking endeavours. That is where Sawant fits the bill," said a senior bank executive.

"Sawant, with his new-found star status, will be the ideal face for a small bank like ours," he added. However, the bank has been unable to contact Sawant's family in this connection.

Sawant was just another young man in Mumbai till Indian Idol happened. He is the first recipient of the trophy at Sony Entertainment's reality show. He has bagged a Rs 1 crore contract with the channel.

Saraswat Bank is believed to be willing to cough up Rs 1 crore over the next few years for Sawant to become its brand ambassador. However, this amount could not be confirmed.

Sawant is already under contract with Sony Entertainment and Sony Music. While the latter is exclusively for a music album, the terms of the contract with the channel are not clear.

"We are aware that Sawant will be approached for endorsements," said Tarun Katial, executive vice-president, Sony Entertainment. Asked if Sawant would have to take approval from Sony Entertainment to endorse brands, Katial refused to comment.

Saraswat Bank executives said a decision on the matter would be taken at the bank's next board meeting in early April.