UTI Bank is now Axis Bank

After a year long tiff between UTI Mutual Fund and UTI bank over the brand name, UTI bank has decided to change its name to Axis Bank. According to a deal between the government and the fund’s four sponsors — State Bank of India, Life Insurance Corporation, Bank of Baroda and Punjab National Bank — UTI’s nine subsidiaries could use the brand name for free till January 2008.

After the period ended, UTI Bank, UTI Securities, UTI Technology Services and UTI Investor Advisory Services had to pay royalty to the fund house. UTI Mutual Fund, however had suggested that the bank could continue using the brand name beyond 2008 sans royalty fees, but wanted a non-compete clause to be built in, besides seeking a joint brand promotion though the bank has now decided against it.

The Registrar of Companies (RoC) has issued a fresh certificate of incorporation to the bank in the name of Axis Bank dated July 31, 2007. The bank had appointed an internal committee and also sought help from its official advertising agency, O&M, for the name change.