Anglo to change its name -- and taxpayers will pick up the tab
Published 20/07/2010 | 05:00
SCANDAL-haunted Anglo Irish Bank is planning to drop its name in a major branding shake-up, paid for by the taxpayers who bailed the bank out.
The most infamous name in Irish financial history is set to be discarded, as part of an image overhaul that will cost hundreds of thousands of euro.
The bank's bosses have ordered the state-funded makeover, after putting a contract out to public tender. With its former boss Sean FitzPatrick now bankrupt and its name in tatters, bank bosses want a brand consultant to help it shrug off its past.
The bank has invited consultants to tender for a new contract, to help Anglo "overcome the impact of decisions made in the past and to become a constructive component of a reformed and modernised Irish banking structure".
Andrew Bradley, partner at Dublin-based Bradley McGurk brand consultants said: "The Anglo brand has lost credibility. They could be on to something, giving it a new name, and should be brave. They have to create a new image and brand themselves in an open and transparent way."
The makeover comes as the Government negotiates with the European Commission to split Anglo into two divisions -- a banking arm for day-to-day business and an asset-management firm to manage bad loans.
Australian banker Mike Aynsley was appointed chief executive at Anglo last August while former Fine Gael leader Alan Dukes became chairman of the company earlier this year.