Anglo forced into U-turn over name-change plan
Published 24/07/2010 | 05:00
Scandal-hit Anglo Irish Bank has been forced into an embarrassing U-turn and has scrapped plans for a name change and image makeover.
The nationalised bank placed requests for brand specialists to bid for Anglo's new image contract on the Government's e-tender website earlier this month but had to retract the information on Wednesday following reports of the plans in this newspaper a day earlier.
A bank spokeswoman confirmed the retraction of the tender information, and said its appearance on the website was an administrative error.
"The request for proposal was a draft document and was posted in error and has been taken down for that reason," she said.
There were no immediate plans to issue a new tender. The rebranding exercise could have cost up to half a million euro.
News of the plans also came at a sensitive time for the bank as the European Commission is examining its recovery plans. Anglo wants to split into two entities -- a banking arm to operate day-to-day business and an asset management firm to manage bad loans.
News of the name change prompted internet fans to ask for suggested titles for a new bank.