Bangalore, Dec 29: Canara Bank, the largest nationalised bank today got a new Brand Identity, which according to Chairman and Managing Director M B N Rao was necessitated in the fiercely competitive financial services industry.
Speaking at a function here to unveil the 'rich blue and bright yellow' new brand identity, Mr Rao said in the wake of nationalised banks adhering to Basel-2 norms in 2009 and when foreign banks would have access to more organic and inorganic growth in the country, Canara bank chose to have a new brand identity.
Stating that standardisation and unique brand identity launched today should be seen in the context to meet the growing competition, Mr Rao said it also symbolised to make Canara Bank more attractive to the generation next and to improve the customer service quality.
Outlining the new brand identity, the CMD informed that the rich blue connote stability, scale and depth while the bright yellow depicts optimism, warmth and energy.
''The distinctive brand identity is based on the idea of a bond and togetherness and is a representation of the close ties between the bank and its many stakeholders,'' he said.
Mr Rao also informed that the Bank had taken a number of measures to improve their competitiveness, including reduction in administrative tiers of the bank to be nearer to the customers, improving the skill levels of the employees through massive training programmes, introducing technology initiatives besides introducing latest financial products in Insurance and Mutual Funds.
Union Finance Minister P Chidambaram, Karnataka Governor Rameshwar Thakur, Directors of the bank, employees and customers were present on the launch of the bank's new brand identity.