Acleda to change its logo

Acleda Bank will comply with the government’s order to redesign and replace its logo on all company materials and products to differentiate itself from the Ministry of Economy and Finance (MEF), a senior bank executive said yesterday. Acleda’s CEO In Channy said the bank will drop the logo from all of its 259 locations in Cambodia, 41 branches in Laos, and one in Myanmar. It will also change the logo on an additional 353 billboards across the region and all 1.7 million bank cards that the institution has issued. The rebranding operation will cost about $3.5mn or about 3% of the bank’s 2016 net profit, Channy estimated. The government’s justification over the change in the logo was handed down last Friday after the Council of Ministers concluded that the mythological golden bird on Acleda Bank’s logo was too similar to the logo of MEF and that the public was confused as to whether or not the bank was a state institution. (Source: Phnom Penh Post)