With the advertising contract between Industrial Development Bank of India (IDBI) and FCB Ulka nearing its termination date (March 31, 2005), the financial major is in talks with agencies again for its advertising business. Until now, the consolidated business was with FCB Ulka and Lodestar correspondingly. Industry sources peg the business in the region of Rs 35 - 40 crore.
Sources share that select agencies have already been invited to make presentations to IDBI officials. Another reason why rethinking on the advertising business was required was that the impending merger of IDBI with its subsidiary IDBI Bank is expected in the near future and would lead to the integration of services of both financial units and in essence would need a differentiated skill set.
The business was awarded to FCB Ulka/Lodestar in September last year following a multi agency pitch.