Bates has bagged the advertising duties of Industrial Development Bank of India (IDBI). The total ad spend for the account is pegged at Rs 30-35 crore. The other agencies in the fray were RK Swamy/BBDO, JWT and Network Advertising. While IDBI has selected Bates for the creative business, the onus of finalising a media agency is on Bates, and more action on this is expected next week.
Thrilled by the development, Subhash Kamath, CEO, Bates India, said, “We are very happy with this win. IDBI is one of the most prestigious clients and they will play a key role in taking retail banking to its next level soon. We are proud to partner them in this.”
Along with Kamath, the other names that have played a role in winning the business are J S Mani, Rana Barua and Rajeev Raja. “Everyone has worked very hard on this business – these functional heads and their teams,” Kamath said.
The PR part of the business is with AdFactors PR.
IDBI’s need for a new agency came up when its contract with FCB Ulka expired on March 31, 2005. The financial major had already commenced talks with agencies in early March.
Another reason why rethinking on the advertising business was required is the impending merger of IDBI Ltd with its subsidiary IDBI Bank which is expected in the near future and would lead to the integration of services of both financial entities and would thus require a different skill set.