The government had in August 2019 announced consolidation of 10 state-run banks into four.
Chennai-based Indian Bank is likely to retain its name after merging with Allahabad Bank, The Economic Times reported. The lender's name has a pan-India appeal, managing director Padmaja Chunduru told the paper.
"A series of discussions took place. Both banks engaged consultants to examine how the branding and logo can be made after the merger," she said. Chunduru added that there has been an overlap and good fit in the logo and tagline of both lenders, which they are "looking to blend".
Indian Bank's present tagline is “your own bank”. Allahabad Bank’s English tagline is “tradition of trust” and Hindi one is “har kadam aap ke saath” (With you at every step). Chunduru said the branding is almost complete and is awaiting approval from the board.
Allahabad Bank has asked the government to help retain its identity “as far as possible”, a senior executive at the bank, told the paper.