Sathapana Bank yesterday unveiled its new logo, a move that follows government orders in February urging some commercial banks and microfinance institutions to change their branding for fear the public may confuse them as representing the government.
Kato Norihiko, CEO of Sathapana Bank, told reporters during a press conference held yesterday in the bank’s head office in Phnom Penh that the new logo had come at a cost of $2 million, a figure that includes changing signs associated with the bank’s branding in all 168 branches across the country.
“The new logo represents key values of our institution, namely, strength, security, stability, reliability, transparency and commitment to deliver quality service,” Mr Norihiko explained.
He added that the new symbol was inspired by an eclectic variety of images, including Japan’s famous Mount Fuji, honeycombs, safety deposit boxes and the “reflection of the blue sky on glass windows of modern skyscrapers”.
“The launch of our new brand identity signals an important phase in the transformation of Sathapana Bank as we seek to appeal to a wider client base while remaining committed to making Cambodians’ lives better through our innovative, digital and tailor-made banking products and services as a commercial bank,” said Norihiko.
Sathapana Bank was formed out of a merger last year between Maruhan Japan Bank and Sathapana Limited.
The bank’s total assets now stand at $1 billion. Outstanding loans amount to $750 million, while outstanding deposits stood at $640 million as of October.
In February, Acleda Bank also changed its logo, spending $3.5 million in the process. Prime Minister Hun Sen had asked the bank to change its branding, claiming that the mythical bird featured in the old logo bore a stark resemblance to the one found in the emblem of the Ministry of Economy and Finance.
Microfinance institution Prasac, one of the largest of its kind in Cambodia, also had to change its logo recently following similar claims.
Mr Hun Sen said in February that all financial institutions must display the words “private institutions” in their facilities to raise awareness about their operations and dissociate themselves from the government. He also said institutions with logos that are similar to government emblems must change them. He threaten to withdraw their business licenses if they fail to comply.