GLOBAL – The Bank of New York is set to unveil its new corporate branding this week following input from Mercer’s design consulting arm Lippincott.

Bank spokesman Ivan Royle said the re-branding would be “formally rolled out” on Wednesday. He declined to describe the new look.

Bank insiders have said the re-branding has cost millions but Royle explained the exercise was not “hugely expensive” as it does not have a large retail presence. He added that the redesign was carried out by Lippincott Mercer, the identity and brand-consulting arm of Mercer.

The re-branding exercise was begun in December 2003. Royle told IPE at the time that the fruits of the exercise could be seen from mid-2004. He added there was a “recognition in Europe and other areas that we’re not as well known as we could be”.

The bank, best known for its custody activities, admits that it is perceived to some extent as “the plumbing” in the industry and is seeking to rectify that.

Lippincott was founded in 1943 and bought by Mercer’s parent Marsh McLennan Cos. in 1986.

“We know how to work with you to bring employees together to rally around a brand and bring that brand to life in a market,” it says.