Wema Bank Plc has just changed its brand identity as its celebrates its 70th anniversary. The bank revealed the new logo at all its branches nationwide on Monday 4th May, 2015.
Wema Bank, is Nigeria’s longest surviving indigenous commercial bank. The bank was established on May 2, 1945, as a private limited liability company. It was granted a commercial banking license and commenced banking activities in the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange. It was granted a Universal Banking License in February 2001
The bank is known for its purple colour branding. The bank calls it the PURPLE LINE. Wema banks says the PURPLE line is a driving philosophy that seeks to showcase to the world, our unique type of Banking which is based on creating and nurturing enduring, value-adding relationships with all stakeholders.
“The PURPLE LINE is all about creating and nurturing relationships through professionalism, trustworthiness, service excellence, mutual respect, integrity, accessibility, teamwork, innovation, focus, dependability and much more.
It seeks to position us as proponents of a new brand of banking; it seeks to tell our story in a way that highlights the major reason we have survived since 1945 and will continue to shape our way of doing business going forward.
It seeks to define our way of life and how we do business – i.e. By creating value, building enduring beneficial relationships and walking the PURPLE LINE! It seeks to show the world what great relationships are made of.”
Speaking at the anniversary celebration, a past Managing Director of Wema Bank and a former Deputy Governor at the Central Bank of Nigeria, Mr Tunde Lemo said the bank was destined for improvement. “When I moved to CBN in January 2004, there were 86 deposit money banks. Today, less than 20 of these banks are still surviving. The future is bright for Wema bank because this is a special brand. It is a very good brand and the worst times are over.”
The Managing Director, Wema Bank, Mr. Segun Oloketuyi, in explaining the reason for rebranding, said: “We have been through many faces in our corporate life and where we are today thank God that Wema has been repositioned. When I joined Wema bank, the description were old school, old bank, processes that are not working, no technology and innovation. We put in six years of work to reposition the bank so we gave a contemporary institution like others operating in the same industry. And having done that, we thought it fit to give a new look to Wema bank.
The distinct interconnected lines represents the bond we share with all stakeholders. Purple remains the colour for royalty and strength and this purple is more attractive. From Monday, this is your new logo and we are sending out a brand meaning commitment to service, innovation,”