New Delhi, Jul 6: The Muthoot Pappachan Group, which is mainly into the financial services business, has appointed film actress Vidya Balan as a brand ambassador and unveiled a new corporate identity.

"This change is in view of the transformation strategy underway within the group, building further ahead of its brand philosophy, 'Believe in Blue', rolled out four years back," the company said in a statement.

The group's CMD Thomas John Muthoot said: "As we now aim to move the Group to the next level of growth, our new brand philosophy reflects our evolution and expansion, our core values, our growing strength in the market and our dedication to our partners, customers, stakeholders and employees."

The group will also launch a new ad campaign, including TV commercials, from tomorrow. A senior company official said that Rs 50 crore has been earmarked for marketing campaign this fiscal.

Balan has been appointed as brand ambassador for two years, the official said.

Muthoot Pappachan Group is into two-wheeler finance, micro-finance, affordable housing finance, health, life and general insurance, precious metals, automotive, realty, hospitality and IT businesses, among others.

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