UTI Bank rebrands itself as Axis Bank

Mumbai, July 30 (UNI) UTI bank, fifth largest bank in the country in market capitalisation, will be known as 'Axis' Bank from today.

The Bank, in a statement here said it has rebranded itself as 'Axis' as it received approvals from the board, shareholders and Reserve Bank of India (RBI) in this regard.

The Bank, which has been operating under the brand name UTI for the past 13 years, also said the change in name has been necessiated due to the limitations on the use of the brand after January next year.

The Bank has a current business of Rs 1,02,000 crore, deposit base of Rs 61,091 crore and net advances of Rs 41,285 crore as on June 30, 2007.

UNI