Hot Topic on India Inc. - January 20

Canara Bank Changes its Logo

Public sector banking in India is working overtime to catch up with the new jet set generation of today! Image overhauls are the call of the day with various public sector banks presenting a new look to appeal to the contemporary generation in India.

Bank customers are spoilt for choice these days. Foreign banks with their sophisticated images and hi-tech services make the competition stiffer. Next in line after Bank of Baroda and Jammu & Kashmir Bank, Canara Bank is all set for an image makeover! The upgrade is an attempt by the 100 year-old bank to retain and attract customers.

What does the new look of Canara Bank imply?

The new image of Canara Bank is reflected in its new logo – a blue and a yellow triangle interlocked. It is said to represent the strong bond between the bank and its customers – both within and outside the organization. The reinvented Canara Bank is focused on strengthening its customer base and improving relations with all its stakeholders – customers, employees, investors, institutions and society in general. The logo is accompanied by the new tagline ‘Together we can’.

Does the new image bring new ideas?

Nearly $3.8 million has gone into the re-branding process – what is the outcome? Apart from a new look, what else has changed for the bank? Are there new improved services for the young customer base including NRIs?

There are proposals to open overseas branches in 21 locations abroad – definitely a blessing for NRIs! Canara Bank has also issued Tier II bonds this month with an ‘AAA’ rating from CRISIL. A series of acquisitions may be in the pipeline followed by an increased stake in Can Fin Homes. The target is to attract an additional 10% business at the least from the 25 – 40 age group. The new logo was released in December 2007 so it’s early days yet to assess the impact of the makeover on the bank’s business. The immediate outcome though was a rise in its stock value on the exchange market!.

Same Article coud be found in www.window2india.com