A local branding agency Studionet Plc has refurbished the 22-year-old logo and brand of Hibret Bank, one of the oldest private commercial banks.
With the rebranding, the Bank will also stop using United as its alternative name. The new logo shows the shape or pattern that is created when two hands are joined from opposite directions.
The rebranding project is designed based on an intensive study and considerable investment, according to Melaku Kebede, the fifth president of Hibret Bank, which has over 4,000 employees throughout the country.
The executives of the bank and the branding company refused to disclose the value of the rebranding, mentioning the non-disclosure agreement they signed.
The new logo incorporates the essence contained in the name Hibret, depicting collaboration, accord, togetherness, partnership and allegiance, according to Zafu Eyessuswork, the chairperson of the board of directors of the Bank during a press conference held on June 4, 2020.
To hire a company that will redesign the logo, the Bank floated a tender on March 31, 2019. A total of 41 companies bought the bidding document but only 11 of them responded to the bid. After passing through the technical and financial evaluations, Studionet, which was established a decade ago, was awarded the project in September.
Studionet, which worked on the rebranding of Wegagen Bank, Nib International Bank, Ethiopian Airport, Eliana Hotel and Eden Spring Water among others, designed the new logo and brand of Hibret in four months.
Before embarking on the rebranding project, Studionet conducted a survey of customers, management and shareholders to choose which of the two names they prefered. The survey found that 90pc of the respondents picked Hibret, according to Yayeheyerad Tadesse, general manager at Studionet.
The Bank, which was established in 1998, netted 770.2 million Br in the last fiscal year. It also managed to increase its paid-up capital to nearly 2.3 billion Br.
“Our new logo and brand describe our corporation and coordination over the years,” said Zafu.
Two months ago, all the branches of United Bank went live with the latest version of a core banking solution implemented by a team of in-house IT staff members.
Hibret Bank, which has over 300 branches throughout the country along with over 119 ATMs and 500 point of sale (PoS) terminals is about to complete the construction of its new 32-storey headquarters along with four basements.
The headquarters is constructed on a 3,338Sqm plot of land it received from the Addis Abeba City Administration around Senga Tera area, aka the Financial District. The construction agreement was signed with China Jiangsu International Economic-Technical Corp for around 1.5 billion Br on May 14, 2015.
Hilemariam Kebede (PhD), a marketing expert and a lecturer at Addis Abeba University’s School of Commerce, appreciates the Bank's move in rebranding a name that had been confusing customers.
“It’s a good thing that they changed their brand and logo," Hilemariam said, "but the move is a bit delayed, and the two names have been confusing many customers."
Hilemariam also recommends other banks consider rebranding, mentioning the consistency they should have when the banking industry is opened to foreign banks.
“Other organisations with two names, such as the Commercial Bank of Ethiopia, need rebranding,” said Hilemariam.