UTI Bank board approves change of name to Axis Bank

The board of directors of UTI Bank on Monday approved a proposal to change the name of the bank to Axis Bank. The meeting also approved a proposal for the appointment of its current chairman and managing director P.J. Nayak as wholetime chairman of the bank with effect from 1 August 2007. This essentially means the bank is splitting the top position between chairman and managing director. However, a board member said though Nayak is being made the wholetime chairman, there would be no post of managing director.
The recommendation for the change of name of the bank has arisen from the existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion, a UTI Bank release said. The bank is expected to adopt the new name by end June following the approval of shareholders, the Reserve Bank of India and the Registrar of Companies. The rebranding process is expected to be completed within another three months.