The country's third largest retail bank, Permanent TSB, is to undergo a rebranding that will see its name formally changed to just PTSB.
The €5m exercise will also include a repositioning of the bank, following its acquisition of a large portion of the departing Ulster Bank.
"The last year has seen phenomenal change and growth at PTSB and our increased scale has completely changed our position in the Irish market," said Chief Executive of PTSB Eamonn Crowley
"We wanted to reflect that change by undertaking a fundamental review of our ambition, how we can help and support our customers and stakeholders, and how we want to be perceived in the market over the coming years."
The move will see the lender ditch the Permanent TSB name that it has used since it was formed through the merger of Irish Permanent and TSB Bank in 2002.
The new name and associated visual identity is to be phased in across the bank’s operations starting from today.
It will be used in branches, on websites and digital platforms, in customer communications and advertising materials.
The changes will also be reflected in sponsorship deals, including the Olympic and Paralympic National teams, The Late Late Show, The Ideal Homes Show and the Guaranteed Irish Awards.
The bank is also adopting a new customer promise, Altogether More Human, which it says reflects its intentions as it becomes a full-service personal and business bank following the acquisition of the Ulster Bank retail, SME and asset finance businesses.
"It represents our commitment to putting customer needs at the centre of how we plan, design and deliver for them, whether that’s digitally, over the phone, in one of our 98 branches across Ireland or a combination of all of these," Mr Crowley said.
The rebranding will be the largest in this country this year.
Part of the exercise will also involve spending on customer research and an ad campaign.
The bank said further investment is planned to modernise its branches over the next year and a half.
In recent years the bank has invested €200m in its technology and digital platforms and €25m on refurbishing the 25 branches it purchased from Ulster Bank.
"Our research has shown very clearly that customers want their bank to progress digitally but not at the expense of human interaction," Mr Crowley said.
"With branches right across the country, PTSB has always been committed to putting the customer at the heart of our operations and to valuing the human touch in the banking relationship with our customers."
"We have invested in and embraced technology to enhance the customer experience but not at the expense of the human interactions that our customers expect."
As well as refreshing the bank's image for the future the rebrand will also soften ties with its old name that is still associated with less positive times in the bank’s history, including the tracker mortgage scandal and its bailout by the taxpayer during the financial crisis.
