UTI Bank registered net profits of Rs.6.59 billion for the year 2007

However, despite this top-notch performance, there are black clouds hovering over UTI’s future. P.J. Nayak, CMD of the bank, has announced his retirement and will hang up his boots by July 2007. Often called as the anchor man of UTI, Nayak has led the turnaround of UTI Bank, which was once under the typical public sector culture, very much reflected in its appearance and efficiency. UTI stock, which was quoting at a meagre Rs.24 when Nayak walked in (in 2000) has skyrocketed to Rs.480.

In the midst of Nayak’s walk-out, UTI Bank has also decided to rechristen itself as Axis Bank and the makeover would be completed in the later half of this year. With a series of warranted (and some unwanted) changes striking at its heart, staying rooted to the ‘axis’ will be the best advice for this one.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2006

An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative

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