Rebranding of Financial Institutions

In an ever-changing, competitive environment in which financial institutions have to constantly vie for the attention of clued-up and tech-savvy consumers, rebranding or refreshing one’s public image or brand is no longer a luxury. Instead it becomes a strategic imperative without which brands eventually get tired and give up the ghost of popular appeal, leading to loss of market share. Here are some rebranding initiatives rolled out by financial institutions in recent years.

Zimnat: March 2017

Zimnat, which has interests in insurance, life assurance, asset management and microfinance officially rebranded all its subsidiaries to reflect its partnership with pan-African shareholder, Sanlam Group, which in 2015 acquired a 40% stake in Zimnat at a value of $11, 6 million through  its subsidiary Sanlam Emerging Markets (SEM).  Speaking on the sidelines of the official launch of the new brand on 29 March 2017 in Harare, Zimnat group CEO Mustafa Sachak said that Sanlam would give assurance to clients of their capabilities. “If you look at it, it is a new fresh look that signifies a partnership with Sanlam. We want to be in the top two and that is also Sanlam’s position that wherever they go they want to be the dominant company or in the top three. Zimnat is associated with one of the largest groups, so when they (Zimnat clients) want to insure their life or want their money looked after by an asset management firm they know we will be safe,” he said.  For its clients, Zimnat said the partnership meant “products of international standards, excellent technical support, superior customer experience, security and peace of mind.”

 Ecobank Asset Management Company (Private) Limited: February 2017

Akribos Wealth Managers issued a notice to the public advising of its change of name. “Members of the investing public are hereby advised that following regulatory approval by the Securities and Exchange Commission of Zimbabwe of the transfer of Ecobank Asset Management Company (Private) Limited to Akribos Capital Incorporated (Private) Limited, we are rebranding and changing our name from Ecobank Asset Management Company (Private) Limited to Akribos Wealth Managers (Private) Limited,” said the company in the notice published on 9 February 2017.

 Collarhedge Finance (Private) Limited: January 2017

Pursuant to its licensing by the Reserve Bank of Zimbabwe as a deposit-taking microfinance institution –  authorising the institution to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:29] and offer a broad range of financial services – Collarhedge Finance (Private) Limited changed its name to Success Microfinance Bank Limited and also changed its logo.

 MicroKing Finance (Pvt) Ltd: January 2017

Microcred Zimbabwe, formerly MicroKing Finance (Pvt) Limited, was officially rebranded on Tuesday, 10 January 2017 at an event at which Finance and Economic Development minister Patrick Chinamasa was the guest of honour. This followed a 70% and 30% shareholding acquisition by Microcred SAS and AfricInvest Financial Sector Limited respectively, concluded on May 23, 2016. Microcred SAS Africa chief executive officer, Ruben Dieudonne said the group saw an opportunity in Zimbabwe and acquired shares. “We saw the market opportunity and took it. Every country in Africa has challenges and Zimbabwe does as well. But the market potential here is high when we see market potential against the competitors, I am confident of that potential,” he said.

 CABS: July 2016

“It gives us great pleasure to present to you our new identity. Our new logo is a sign of our dedication to progress and adapting to the changing times. It’s a pledge to maintain our record as a solid and vibrant Zimbabwean financial institution. Our new pay-off line is: We’ll help you get there, and that’s a promise. The colour blue symbolizes the bank’s trustworthiness, professionalism and commitment to all our stakeholders. The green symbolizes growth and carries with it a promise of financial strength and positive future. The icon represents financial movement and activity. The flexibility of a progressive bank with innovative ideas that seek to meet our client’s financial needs. The boldness of the font depicts presence, confidence and our heritage,” said the bank.

Fidelity Life Assurance of Zimbabwe: March 2016

The symbol of our unwavering promise to support you yesterday, today and always. We present our new logo; The Sign of renewed dedication to providing unique and innovative products and services that respond to our customers represent and future needs. It is a promise to our stakeholders to pursue excellence in everything we do and an assurance of compassion to all clients that we will do all in our power to deliver on our promises. Our values of Fidelity, Innovation, Teamwork, Empathy and Recognition are now stronger than ever and our scales continue to represent fairness, integrity and transparency; all principles we hold dear at Fidelity Life Assurance of Zimbabwe. Our colours of burgundy and white represent good harvests, stability, youth and precision; all attributes which make us the preferred Financial Services provides for millions of Zimbabweans.

BancABC: August 2015

In terms of Section 22 (6) of the Banking Act [Chapter 24:20] the Reserve Bank of Zimbabwe approved the amendment of ABC Holdings Limited logo from ‘BancABC’ to ‘BancABC part of atlasmara’ with effect from 26th August, 2015. This change of logo followed the acquisition of a significant interest by Atlas Mara in BancABC in July 2014 and the need to reflect that change in ownership.

RM Insurance Company/Old Mutual Zimbabwe: July 2014

Old Mutual Zimbabwe’s short-term insurance unit, RM Insurance Company rebranded and changed its name to Old Mutual Insurance Company (Private Limited),  a process described by Old Mutual group chief executive officer, Jonas Mushosho as a response to the listed group’s customer needs.“The decision to rebrand was backed by feedback from customers who found it easy to associate RM Insurance with the main Old Mutual brand. It also made business sense for us to rebrand our short-term insurance business because this would affirm Old Mutual’s position as Zimbabwe’s leading integrated financial services group,” Mushosho said in a press statement released on Thursday, 31st July 2014 at the official launch of the rebranded outfit.