The makeover of Ukrsotsbank and UniCredit will start in September and last seven months.
Ukrsotsbank, one of Ukraine’s largest banks, will get a makeover this September to underscore closer affiliation to its parent company, Italy’s UniCredit Group, Interfax reported on July 20.
The bank’s CEO, Borys Timonkin, said that the rebranding process will last seven months. Nearly 400 bank branches, their ATMs and stamps will undergo changes to use the Ukrsotsbank and UniCredit brands in tandem.
In my opinion, we currently have found a favorable compromise [of using both brands parallel to each other].
– Borys Timonkin
Although the Ukrsotsbank brand has more recognition in Ukraine than UniCredit, the 18-25 age bracket associates the Ukrainian bank with an “old-fashioned, Soviet type of bank,” according to Timonkin.
“Looking into the future toward new and active clients, perhaps it makes sense to change [the brand],” he said. “In my opinion, we currently have found a favorable compromise [of using both brands parallel to each other].”
Ukrsotsbank was established in 1990. As of April it was the 6th largest bank according to assets with $5.16 billion among 176 financial institutions, based on Ukraine’s central bank calculations.
