Beginning in 2010, the Vietnam banking market witnessed many changes. To become bigger and more efficient, financial organizations began to merge. The most noted case of 2013 was of Petro Vietnam Finance Corporation and Western Bank, integrating to become a full-service bank. The challenge was how the bank would build their new brand strategy and identity to match the new entity, with its larger scale and future development plans.
The development of a brand strategy and identity system is one of the most important preparations before new brand launching. The newly named PVcomBank board of management expected the new brand identity to reflect the combined strength of the two entities as well as harmonize their differences. PVFC was a financial organization focused on funding the projects of large enterprises and Western Bank’s priority was on retail. Richard Moore Associates was honored to help bring out the best of both entities by vitalizing the whole brand core value and creating their identity system.
Action & Result
The brand strategy was deeply based on the core value and philosophy of PVcomBank, which then played the foundation role in developing the core brand identity. The new bank identity was created by balancing the brand’s international standards and Vietnam’s cultural values: “The blue color inherits strength from Petro Vietnam, the yellow color is globally recognized as intelligence and prosperity” said Professor Le Van Lan, the cultural consultant of the project. The “V” symbol is set in motion to reflect a “proactive” brand trait, yet it still looks as if forming a stable roof that reflects the credibility of the merger and as a traditional Vietnamese hat that draws upon deep cultural values. While most current banks’ slogans talk about “trust”, the positioning phrase “Banking without boundaries” differentiates the bank very well. A master brand format for the whole system that included all the bank’s marcom was developed concurrently, in order to consistently form the new brand identity before launching. The brand was successfully launched in October 2013, making a strong impression in public, welcoming growth in the future.