UTI Bank Board recommends Change of Name as 'Axis Bank'

The Board of Directors of UTI Bank Ltd at its meeting held on April 30, 2007, inter alia, has taken following decisions:

1. The Bank to change its Name to 'Axis Bank': The Board of Directors of the Bank has decided to recommend to shareholders an amendment to the Bank's Memorandum and Articles of Association to change the name of the Bank from 'UTI Bank Ltd' to 'Axis Bank Ltd', subject to the approval by the Central Government (Registrar of Companies) and Reserve Bank of India.

The recommendation for the change of name has arisen from the existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion that this generates. The name will take effect consequent to the approval of shareholders, Reserve Bank of India and the Central Government (Registrar of Companies). It is anticipated that this should occur by end-June 2007, and the rebranding process is expected to be completed within another 3 months.

2. Appointment of Shri P J Nayak as Whole Time Chairman of the Bank.

The Board of Directors of the Bank at its meeting held on April 30, 2007 has recommended to shareholders that Shri P J Nayak be appointed as whole-time Chairman, subject to approval of the Reserve Bank of India, the Specified Undertaking of the Unit Trust of India and shareholders with effect from August 01, 2007. This requires shareholders to approve amendments to the Bank's Articles of Association.

Source : Equity Bulls

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