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34-587: Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through branches and service outlets nationwide. Moreover, Krungsri currently has presence in 6 ASEAN countries, including Lao PDR, Cambodia,

68-549: A brand better off than before. Marketing develops the awareness and associations in the memory of customers so they know (and are reminded) of brands to serve their needs. Once in a lead position, it is marketing, consistent product or service quality, sensible pricing and effective distribution that will keep the brand ahead of the pack and provide value to its owners (Sinclair, 1999:15). Corporations often rebrand in order to respond to external and/or internal issues. Firms commonly have rebranding cycles in order to stay current with

102-497: A change in a company or corporate brand that may own several sub-brands for products or companies. Rebranding became something of a fad at the turn of the millennium, with some companies rebranding several times. The rebranding of Philip Morris to Altria was done to help the company shed its negative image. Other rebrandings, such as the British Post Office 's attempt to rebrand itself as Consignia, have proved such

136-577: A company's business has changed, for example its strategic direction and industry focus, or its brand no longer fits its (new) customer base. For example, a company might rebrand so that its name works in new market it enters, for reasons of culture or language, such as to make it easier to pronounce. Rebranding is also a way to refresh an image to ensure its appeal to contemporary customers and stakeholders. What once looked fresh and relevant may no longer do so years later. As for product offerings, when they are marketed separately to several target markets this

170-442: A failure that millions more had to be spent going back to square one. In a study of 165 cases of rebranding, Muzellec and Lambkin (2006) found that, whether a rebranding follows from corporate strategy (e.g., M&A) or constitutes the actual marketing strategy (change the corporate reputation), it aims at enhancing, regaining, transferring, and/or recreating the corporate brand equity . According to Sinclair (1999:13), business

204-530: A larger product line offering than what their names solely imply. It is also used to cater to different demographics who may be interested in different products of the same industry. In a 2018 marketing stunt , pancake restaurant chain IHOP announced a rebranding to "IHOb" to promote a line of hamburgers, but did not follow through with the rebranding. Companies can also choose to rebrand to remain relevant to its (new) customers and stakeholders. This could occur when

238-417: A major driver in rebranding exercises. In a corporate context, managers can utilize rebranding as an effective marketing strategy to hide malpractices and avoid or shed negative connotations and decreased profitability. Corporations such as Philip Morris USA , Blackwater and AIG rebranded in order to shed negative images. Philip Morris USA rebranded its name and logo to Altria on January 27, 2003 due to

272-631: A primarily online retail business model. Rebranding may also occur unintentionally from emergent situations such as “ Chapter 11 corporate restructuring,” or “bankruptcy.” Chapter 11 is rehabilitation or reorganization used primarily by business debtors. It’s more commonly known as corporate bankruptcy, which is a form of corporate financial reorganization that allows companies to function while they pay off their debt. Companies such as Lehman Brothers Holdings Inc, Washington Mutual and General Motors have all filed for Chapter 11 bankruptcy. On July 1, 2009 General Motors filed for bankruptcy, which

306-406: A professionally designed brand image, "rebranding becomes a critical step for a company to be considered seriously when expanding to more aggressive markets and facing competitors with more established brand images". The ubiquitous nature of a company/product brand across all customer touchpoints makes rebranding a heavy undertaking for companies. According to the iceberg model, 80% of the impact

340-457: Is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers , investors , competitors , and other stakeholders . Often, this involves radical changes to a brand's logo , name, legal names, image, marketing strategy, and advertising themes. Such changes typically aim to reposition

374-491: Is a huge international firm; however, the AIG Retirement and AIG Financial subsidiaries were left with negative connotations due to the bailout. As a result, AIG Financial Advisors and AIG Retirement respectively rebranded into Sagepoint Financial and VALIC (Variable Annuity Life Insurance Company) to shed the negative image associated with AIG. Brands often rebrand in reaction to losing market share. In these cases,

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408-585: Is a way to protect them from being blackballed by customers in a very competitive market. Dr. Roger Sinclair, a leading expert on brand valuation and brand equity practice worldwide stated, “A brand is a resource acquired by an enterprise that generates future economic benefits.” Once a brand has negative connotations associated with it, it can only lead to decreased profitability and possibly complete corporate failure. Companies differentiate themselves from competitors by incorporating practices from changing their logo to going green. Differentiation from competitors

442-607: Is called market segmentation . When part of a market segmentation strategy involves offering significantly different products in each market, this is called product differentiation . This market segmentation/product differentiation process can be thought of as a form of rebranding. What distinguishes it from other forms of rebranding is that the process does not entail the elimination of the original brand image. Rebranding in this manner allows one set of engineering and QA to be used to create multiple products with minimal modifications and additional expense. Another form of product rebranding

476-412: Is hidden. The level of impact of changing a brand depends on the degree to which the brand is changed. There are several elements of a brand that can be changed in a rebranding these include the name, the logo, the legal name, and the corporate identity (including visual identity and verbal identity ). Changes made only to the company logo have the lowest impact (called a logo-swap), and changes made to

510-410: Is important in order to attract more customers and an effective way to draw in more desirable employees. The need to differentiate is especially prevalent in saturated markets such as the financial services industry. Organisations may rebrand intentionally to shed negative images of the past. Research suggests that "concern over external perceptions of the organisation and its activities" can function as

544-559: Is low. “The powerful first impression on new clients made possible by professional brand design often outweighs an outdated or poorly-designed image’s weak brand recognition to existing clients”. A change of image in a large corporation can have costly repercussions (updating signage in multiple locations, large quantities of existing collateral, communicating with a large number of employees, etc.), while small businesses can enjoy more mobility and implement change more quickly. While small businesses can experience growth without necessarily having

578-626: Is the sale of a product manufactured by another company under a new name: an original design manufacturer is a company that manufactures a product, often in a location with lower operating costs, which is eventually branded by another firm for sale. Following a merger or acquisition, companies usually rebrand newly-acquired products to keep them consistent with an existing product line, such as Symantec placing acquired security and utility software under its Norton brand (itself an offshoot of flagship product Norton Antivirus ). This can also happen in reverse if an acquired brand has wider recognition in

612-764: Is to leverage the synergy of the two organizations enabling Krungsri to become a leading universal bank in Thailand. In September 2012, GE Group informed the Office of the Securities and Exchange Commission (SEC) that it sold Krungsri’s 461,635,000 ordinary shares held by GECIH or amounting to 7.60 percent of all issued shares (6,074,143,747 ordinary shares) through private placement in SET. Consequently, GECIH held 1,538,365,000 ordinary shares or amounting to 25.33 percent of all issued shares (6,074,143,747 ordinary shares). In 2013,

646-524: The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), which is wholly owned by the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest, made a voluntary tender offer (VTO) for all of Krungsri’s 6,074,143,747 ordinary shares at 39 baht per share. The purchase period ran from November 7 to December 13, 2013 (only business days), and GECIH sold Krungsri’s 1,538,365,000 ordinary shares, or 25.33 percent of all issued shares, under

680-518: The Philippines, Vietnam, Indonesia, and a representative office in Myanmar. The Bank of Ayudhya Public Company Limited (or named Krungsri) officially opened its doors on April 1, 1945 and located on Talad Hua Ro Road, Hua Ro Sub-district, Krung Kao District, Phra Nakhon Si Ayutthaya Province. The Bank later opened its Bangkok office on Ratchawong Road, opposite the corner of Songwad Road, right at

714-531: The bank's formal name and use tagline Make Life Simple. In the media, the formal and colloquial names are used interchangeably, while for the bank's own marketing (such as logos, URL, storefronts, ATMs, bank cards and promotional material) "Krungsri" is used. In February 2023, Krungsri launched its brand refresh and updated Thai slogan of “Make Life Simple” (“ชีวิตง่าย ได้ทุกวัน”), which will be used to drive business across Krungsri Group, elevate Krungsri branding to be relevant to today’s context, continue responding to

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748-532: The brand/company, occasionally to distance itself from negative connotations of the previous branding, or to move the brand upmarket ; they may also communicate a new message a new board of directors wishes to communicate. Rebranding can be applied to new products, mature products, or even products still in development . The process can occur through a change in marketing strategy or in various other situations such as Chapter 11 corporate restructuring, union busting , or bankruptcy . Rebranding can also refer to

782-538: The brands have become less meaningful to target audiences and, therefore, lost share to competitors. In some cases, companies try to build on any perceived equity they believe still exists in their brand. Radio Shack , for example, rebranded itself as "the Shack" in 2008 but the rebranding never realized into an increase of market share in the retail industry. By 2017, Radio Shack had significantly reduced its physical retail presence, closing over 1,000 stores and shifted to

816-688: The customers’ needs and behaviors, reflect the organization’s core value, and help drive Krungsri towards its business goals today and tomorrow. More importantly, this is in line with Krungsri's business direction and strategy under our brand positioning of being a global partner delivering simplicity through human-centric innovation so that you can focus on what matters”. Bank of Ayudhya's investments in subsidiaries, associates and joint ventures net as of 31 December 2016 and 2015. (as of 7 September 2023, Latest record date) List of banks in Thailand Rebrand Rebranding

850-562: The heart of Bangkok’s vibrant business district at the time. The Bank’s 25th anniversary in 1970 was marked with very auspicious event as the Bank was granted the royal warrant of appointment permitting the Bank to auspiciously display the Royal Garuda Emblem at the Head Office, thanks to the public’s trust in the Bank. The Bank subsequently relocated its Head Office to a new building on Ploenchit Road. The new Head Office

884-489: The market than that of the purchaser, such as Chemical Bank taking on the Chase branding after its merger with the company. Small businesses face different challenges from large corporations and must adapt their rebranding strategy accordingly. Rather than implementing change gradually, small businesses are sometimes better served by rebranding their image in a short timeframe – especially when existing brand notoriety

918-586: The name, legal name, and other identity elements will touch every part of the company and can result in high costs and impact on large complex organizations. Rebranding affects not only marketing material but also digital channels, URLs, signage, clothing, and correspondence. List of banks in Thailand Too Many Requests If you report this error to the Wikimedia System Administrators, please include

952-532: The negative connotations associated with tobacco products that could have had potential to affect the profitability of other Philip Morris brands such as Kraft Foods . In 2008, AIG's image became damaged due to its need for a Federal bailout during the financial crisis . AIG was bailed out because the United States Treasury stated that AIG was too big to fail due to its size and complex relationships with financial counterparties. AIG itself

986-462: The same VTO arrangement (at the tender offer price), to MUFG Bank. Then on December 18, 2013, Krungsri was informed by MUFG Bank that the shareholders (including GECIH) had expressed their intention to sell their 4,373,714,120 shares in Krungsri, representing 72.01 percent of total issued shares, to MUFG Bank. As a result, MUFG Bank became Krungsri’s major shareholder. In September 2017, Krungsri

1020-515: The times or set themselves ahead of the competition. Companies also utilize rebranding as an effective marketing tool to hide malpractices of the past, thereby shedding negative connotations that could potentially affect profitability. Corporations such as Citigroup , AOL , American Express , and Goldman Sachs all utilize third-party vendors that specialize in brand strategy and the development of corporate identity. Companies invest valuable resources into rebranding and third-party vendors because it

1054-419: The world over acknowledges the value of brands. “Brands, it seems, alongside ownership of copyright and trademarks, computer software and specialist know-how, are now at the heart of the intangible value investors place on companies.” Companies in the 21st century may find it necessary to relook their brand in terms of its relevance to consumers and the changing marketplace. Successful rebranding projects can yield

Bank of Ayudhya - Misplaced Pages Continue

1088-632: Was considered one of the most modern office buildings in Asia at the time. The Bank found immediate public favor, grew rapidly, and listed on the Stock Exchange of Thailand on September 26, 1977. In 1993, the Bank became a public company, and four year later was relocated to a new 36-story Head Office on Rama III Road. In January 2007, Krungsri and GE Money, a global consumer financial services firm, have successfully become strategic partners, reflecting GE's commitment and confidence in Krungsri. The goal

1122-937: Was fulfilled on July 10, 2009. General Motors decided to rebrand its entire structure by investing more in Chevrolet , Buick , GMC , and Cadillac automobiles. Furthermore, it decided to sell Saab Automobile and discontinue the Hummer , Pontiac , and Saturn brands. General Motors rebranded by stating they are reinventing and rebirthing the company as “The New GM” with “Fewer, stronger brands. Fewer, stronger models. Greater efficiencies, better fuel economy, and new technologies” as stated in their reinvention commercial. General Motors ' reinvention commercial also stated that eliminating brands “isn’t about going out of business, but getting down to business.” Companies like Dunkin' Donuts , Joann Fabrics , and Weight Watchers , have removed or abbreviated parts of their company names to suggest

1156-451: Was recognized as “A Domestic Systemically Important Bank (D-SIB)” by the Bank of Thailand, playing a key role in driving the country’s economic engines and financial system. After having undergone changes in the late 2000s, including the acquisition of GE Money Thailand, and Bank of Ayudhya unified its subsidiaries and rebranded. In 2014, the bank rebranded as "Krungsri" (shortened from กรุงศรีอยุธยา, "capital city/revered city Ayutthaya "),

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