Neck deep in debt, the much talked about Farmers’ Bank has started operation with the new name Padma Bank from Mar 16. Reportedly, with the change of name and logo, the bank’s operation has started to show signs of improvement. Transactions are also increasing.
It’s found that to take licence as Padma Bank, the bank did not have to pay much, only a few charges to the RJSC, which came to less than Tk 100,000.
Executive director of Bangladesh Bank, Abu Farah Md. Naser told Bangla Tribune, “The licence under the name of Padma did not involve any major charges while the central bank handed the licence without any fee.”
After changing name, general people are taking interest and now the bank is giving importance to branding. Efforts are being taken to dispel the negative image of the bank among the masses.
Changing of logo is common in banking and many private banks resort to logo changing to remain in competition though sometimes, logo change has been used as a pretext to embezzle huge amount of money.
In 2006, bankrupt Oriental Bank’s name was changed to ICB Islamic Bank while in 1992, BCCI was dissolved and renamed Eastern Bank.
Farmers’ Bank plunged into loan scandals in 2018 and all its shares were bought by Sonali, Agrani, Janata, Rupali and ICB.
MD of Farmers’ Bank, Md. Ehsan Khasru, says, “Though name change did not involve any cost, the logo unveiling involved an expenditure of Tk 3.5 million.”
Saying that banking operation has seen phenomenal improvement following a name change, he said, “Around twenty days ago, the clearing was between Tk 7 million and 9 million which is now more than Tk 10 million.’
“We are concentrating on branding and have opened a branding and marketing division.”
We will give the best services to our clients, including apps based services, added Ehsan.
Agrani Bank’s chairman, Dr. Zaed Bakht, said, “Logo changing is a marketing strategy and this aims to attract the attention of potential clients.”
“With the name change, the bank has made a turn-around from loss, scandal and aberrations; under a new image, the notoriety of Farmers Bank is being wiped out.”