IndusInd set for rechristening, to embark on brand-building exercise

IndusInd Bank is planning to change its name following the merger of Ashok Leyland Finance with it.

The new private sector bank is also embarking on a major brand building exercise. It is in talks with brand consultants who are working on a new logo and a new name for the bank.

The bank is also planning to appoint a brand ambassador. Sources said that the bank may pick up a sportsperson as its brand ambassador. The choice may fall on achievers such as shooter Anjali Ved Pathak, tennis star Leander Peas, long jump champion Anju Bobby George or soccer star Bhaichung Bhutia.

IndusInd bank managing director Bhaskar Ghose said that the bank, post merger, would want to present a wide spectrum of products to customers and build a new brand image. Ashok Leyland is bringing to the bank three lakh customers and two lakh depositors.

Nearly 75 per cent of its business is from the retail segment with a strong focus on commercial vehicles and two-wheeler financing. Meanwhile, the bank is also planning to allow more foreign equity investment in it.

The additional foreign equity will be acquired by the existing stakeholders "" IndusInd International Holding, De Five Mauritius Holding and Indus Ind Mauritius through secondary market operations, said Ghosh.

The acquisition will increase the stake of the three entities from 41.3 per cent to 49 per cent, he added.

The three had invested in the bank through the OCB route. They have now approached the government for converting the status of their investments to FDI.

They have already received the Reserve Bank of India approval for this. Once the Foreign Investment Promotion Board approval is granted, the entities would increase their stake in the bank, Ghosh added.