Sathapana Bank Plc became the fourth major financial institution to announce a change to their company logo following last week’s directive from the Ministry of Commerce to have bank and microfinance institution (MFI) branding which share similarities with insignias used by government departments altered by March 10.
Sathapana’s most recent logo features a golden lion in a blue circle, which resembles the National Police logo. The design appears to have been removed yesterday from the company’s website, Facebook page, and Norodom branch. Sathapana is a wholly owned subsidiary of entertainment conglomerate Maruhan Japan Group.
Allegations have emerged of unnamed politicians promising to cancel MFI debts of voters once they were elected, with the government setting up initiatives to distance itself from microloans. Prime Minister Hun Sen spoke last Wednesday of the need to remind people that MFIs were privately owned, not state-owned.
The cost of this bank rebranding is starting to add up. ACLEDA Bank estimate they will lose $3.5 million while changing their mythical bird logo, which is said to look like that of the Ministry of Finance and Economy. Camma Microfinance Ltd is also rebranding for this reason, while Prasac MFI will spend about $1 million to change its logo.
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