UTI Bank to change name to Axis Bank

The board of directors of UTI Bank, which met today, approved a proposal to change the name of the bank to Axis Bank.

According to a release issued by UTI Bank to the BSE today, the recommendation for the change of name has arisen from the existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion.

"The name will take effect consequent to the approval of shareholders, Reserve Bank of India and the central government (Registrar of Companies). It is anticipated that this should occur by end-June 2007, and the rebranding process is expected to be completed within another three months," the release added.

The meeting also approved a proposal for the appointment of P J Nayak as whole-time chairman of the bank with effect from August 1, 2007.