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ICICI Bank moves credit cards creative account

13-August-2004
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ICICI Bank moves credit cards creative account

ICICI Bank has shifted its creative account for its credit cards from Leo Burnett to Enterprise Nexus in Mumbai. The media buying account for ICICI credit cards will, however, continue to rest with Mindshare.

Confirming the shift, ICICI Bank officials said the account was shifted primarily because the credit cards business was now in the growth phase and was now entering a different business cycle from the time it was first introduced in the market.

Carrying the baseline, `Happiness in your hands', ICICI Bank has decided to take a "re-look at its credit card business and a new agency should help the bank with its aggressive future growth planned for its credit cards business."

Commanding a market share of 28 per cent in the credit card industry, ICICI Bank claims to be the leader in the credit card business followed by Citibank. The credit card industry is growing between 30 per cent and 35 per cent and building brands in this segment has become imperative for players who are looking at distinguishing their products.

Without disclosing the size of the creative account, ICICI Bank officials said the main purpose behind building credit card brands is to get the customers to spend more on their cards. "There are basically two issues to building a credit card brand: that of maximising penetration and getting the share of wallet of consumers,'' said officials.

ICICI Bank currently has a range of credit cards under sub-brands such as premium, co-branded, affinity, classic, value for money and corporate credit cards. Recently, ICICI Bank also shifted its own advertising account from O&M to Lowe.

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