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Anglo's fancy facelift will be paid for by us

EMBATTLED Anglo Irish Bank is overhauling its image with a complete rebrand, paid for by the Irish taxpayer.

The name change and facelift, which is set to be carried out by marketing consultants, is expected to cost hundreds of thousands of euro.

The bank has invited expressions of interest to assist in the brand change for Anglo to "overcome the impact of decisions made in the past and to become a constructive component of a reformed Irish banking structure".

A representative for Anglo has outlined that it does not have a budget in mind for the job, but analysts have indicated that a job like this could run into hundreds of thousands of euro.

And Dublin-based Bradley McGurk brand consultants said that the rebranding could be a positive move for the beleaguered bank.

"The Anglo brand has lost credibility," said Andrew Bradley, partner at Bradley McGurk. "They could be on to something, giving it a new name, and should be brave. They have to create a new image."

Companies tendering for the project are asked to demonstrate their track record and ability to produce and deliver a brand strategy consistent with the bank's business strategy.

Agencies have been asked to provide details of their capability and experience as well as an outline of their charging structures, including details of daily rates and discounts available.

The change in the image of the bank comes as the Government is hammering out a deal 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.

"The bank expects to receive formal feedback from the EU on the options available by the end of August or early September," a representative added.


"As the entire process is at a very early stage and is entirely dependent on the EU's feedback in relation to the restructuring plan, no further details in relation to budget are available at this point."

Meanwhile it has been revealed that Anglo has not transferred its second batch of loans to NAMA yet, due to the massive amount of paperwork involved in the process.

NAMA has completed the transfer of the second tranche of loans from four of the five participating financial institutions and has purchased loans of €5.2bn at an average discount of 48pc.

NAMA said Anglo's loans would be acquired "over the coming weeks after all necessary due diligence material has been received and evaluated".