Mega-Merger Of PSU Banks: Punjab National Bank Unveils New Logo; This Is How Bank Logos Are Changing
Earlier this month, the Union Cabinet approved amalgamation of 10 public sector banks (PSBs) into 4 with effect from April 1, 2020.
Punjab National Bank (PNB) as it merges with United Bank of India (UBI) and Oriental Bank of Commerce (OBC) will be seen sporting a new logo.
In the merging of PSBs, in most cases, the logo of the bigger bank will be getting prominence.
Read to find out more…
PNB Merger Set to Become a Bigger, Better and Stronger Entity!
PNB took to twitter on March 30 and said, “#PunjabNationalBank is here with #OrientalBankofCommerce & #UnitedBankofIndia in an all new avatar. Be a part of the #TogetherForTheBetter journey with us and experience a smoother and smarter way of banking.” Following the merger, PNB is set to become the second largest lender in India.
OBC and UBI are the transferor banks while PNB is the transferee in this amalgamation process. The boards of UBI and OBC will stop functioning from April 1, 2020.
The new logo of the merging bank will bear distinct signages of all the three public sector lenders.
In another tweet PNB said, “Together we are bigger, stronger & faster. People & Banking will now be closer than ever before. You will have products fine tuned to your needs.” Relieving the concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger.
PNB Entity Already Taking Effective Actions to Fight Coronavirus!
PNB also requested to its customers to stay indoors due to the COVID-19 pandemic and access its services through net banking and PNBONE app.
The merged lender said,”Now, pay your tax, get interest certificates, track your investments and more with just one app. Have you downloaded #PNBONE app yet? #BankFromHomeAndStaySafe #COVID-19.”
Indian Bank’s Name and Logo to be retained After Merger!
According to Padmaja Chunduru, MD and CEO of Indian Bank, with which Allahabad Bank will be merged, the name Indian Bank would be retained after merger, and the branding exercise will be more or less uniform for all PSBs.
Chunduru said in a conference call, “The name of Indian Bank will continue, and the logo of Allahabad Bank will be a prominent part of the branding. The top part of the logo will have the logo of Indian Bank and the lower half will have Allahabad Bank’s logo. This is common among amalgamated banks, and will be the same for all banks.”
She said that there won’t be any immediate disruption in the mid-management segment in terms of transfers. The merged entity will have its headquarters in Chennai, and would have 6,000-plus branches. Chunduru said, “We wanted to avoid disruptions immediately. Some senior level management will have to move, some GMs will continue in Kolkata.”
Basic services will be made available for customers of both banks from April 1. After merger, the total business of the combined entity would be close to Rs 8 trillion. However, once the bank’s total business reaches Rs 10 trillion, it will have a Chief General Manager (CGM) in Kolkata.
Furthermore, the entity will have retail and corporate banking share in the ratio of 50:50. Allahabad Bank has a corporate book of 60% whereas retail is about 40%, while in case of Indian Bank, the mix is the opposite.
She also said, “Given the current situation, there will be an impact on many companies, and we have to see if we can contain or not. Otherwise we will realign our plans. We are gearing up for the amalgamation, despite all the concerns which Coronavirus is causing. We are taking all steps to ensure employees and customers are safe and services are uninterrupted.”