The name of the country's third largest private sector lender UTI Bank [Get Quote] has been officially changed to the Axis Bank Ltd with effect from Monday.

The Registrar of Companies has issued a fresh certificate of incorporation, the bank has informed the Bombay Stock Exchange, adding that "with this, the name of UTI Bank has been changed to Axis Bank Ltd with effect from July 30".

On April 30, the board of directors of the company had approved the proposal to change its name to Axis Bank. The change in name was considered for avoiding confusion as several unrelated entities were using the UTI brand, executive director (corporate strategy) of the bank R Ashok Kumar had said earlier.

The UTI brand is owned by UTI Asset Management Company. Regarding the re-branding strategy, Kumar said the bank had hired advertising firm O&M to help in creating awareness of the new brand across the country.

The bank would change logo and colour of logo, he had said, adding, the bank is likely to spend around Rs 50 crore (Rs 500 million) in the re-branding exercise.