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.