When the City Council on Monday votes in favour of changing the name of a city square just around the corner from its headquarters to Regnbuepladsen (Rainbow Square), not everyone will be pleased.

CW Obel, the owners of a building on the square, expects that the name change will lead to a fall in the value of its property. And Spar Nord bank, another resident on the square, is angry that the council has let the LGBT minority group influence the change to a gay-friendly name.

“It’s embarrassing and unserious that such a large majority is backing this meaningless occurrence of nature just because it is apparently connected to a certain sexual conviction,” the bank stated in response to the name change.

Morten Kabell (EL), the deputy mayor of technical and environmental affairs, was shocked at the bank’s response to the new name.

“It sounds like pure homophobia to me," Kabell said according to Metroxpress newspaper.

"I am happy that I don’t have my money in Spar Nord, and after reading its hearing response, I definitely won’t ever be banking there."

READ MORE: Copenhagen gets its 'gay square' after all

Change was necessary
The square has simply been named Rådhuspladsen for many years even though it isn’t actually part of the main, much larger Rådhuspladsen square nearby. Both squares having the same name has led to confusion among visitors, and it was agreed that a name change was in order.

“The square is cut off from Rådhuspladsen and the rules dictate that we must find a new name," explained Kabell.

"Regnbuepladsen is an important signal. We were the first city to allow gay marriages and we have the image of being a diverse city."

We just don't like rainbows
Spar Nord responded by saying that it wasn’t opposed to the values that the name represents, but rather that the name described a weather phenomenon.