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Murugappa Group unveils strategic vision and new brand identity
Posted on: 10/Dec/2010 7:06:40 AM
The Murugappa Group unveiled the strategic vision and new brand identity for its financial services businesses today. The Group’s financial business entities Cholamandalam Investment & Finance Company Limited, Cholamandalam Securities Limited, Cholamandalam Distribution Services Limited, Cholamandalam MS General Insurance company and Cholamandalam MS Risk Services Limited will sport the new logo, developed by leading brand design agency Ray + Keshavan. The new logo uses a color palette of Red, Blue, Black and White. RED symbolizes Dynamism and Solidity. Dynamism that Chola Finance and Chola MS have to display while the solidity being provided by the Murugappa group and MSIG in the Insurance space. BLUE represents Scale and Stability. Both these are a must in the fiercely competitive industry. The letters have been written in Black to maintain clarity and legibility in small sizes. A lot of WHITE space around the logo represents transparency and trust characterized in the ethos of the 2 companies.
Cholamandalam was rated as the most recognised consumer brand from the Murugappa stable in a study done by the Group in 2008 and continues to enjoy tremendous goodwill across the country. In another research done by Milward Brown, both Chola and Chola MS were recognized as leading financial services players with a long haul vision by the customers.
The Group’s NBFC, Cholamandalam Investment and Finance Company (CIFCL) is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space. CIFCL is emerging as a high growth company in the retail lending space with a branch network of over 220.
Chola MS is a significant player in the general insurance business and has been recognized for its Trust, Transparency and convenience backed by Technology. The company has 113 branches and over 7500 agents across the country and has achieved a GWP of Rs. 785 crores in 2009-10.
Elaborating on the strategic vision, Mr. A Vellayan, Chairman, Murugappa Group said, “Cholamandalam has been one of our strongest brands and is fondly called Chola by all. Hence we found it only apt to make this our brand name to further deepen our relationship with customers and stakeholders. The new brand identity and the strategic vision combined with our inherent strengths in terms of pan India network and infrastructure, gives us the thrust to move ahead to a premier position in the sector.”
“In Murugappa Group’s Vision, financial services businesses have a significant role in terms of the business contribution. More importantly, as two direct- to – customer brands, they play a vital role in carrying our Group’s brand identity forward among the larger population,” he added.
