Industrial Development Bank of India’s decision to merge with IDBI Bank translated into a move to create a buzz anew. In accordance, IDBI had called for a pitch for its creative responsibilities in January 2004, where over 22 agencies had participated. The first shortlist has five agencies and the result is expected this week. Industry sources inform that the account for the new entity is pegged in the region of Rs 50 crore.
To put things into perspective, earlier in the year, IDBI announced its decision to convert from a development bank into a commercial retail bank. This entailed a merger of IDBI and IDBI Bank and the new entity would be called IDBI Ltd, which would be operational by October 1, 2004.
However, following the first round of presentations, IDBI announced the short-listed agencies over a week back. The list included Ad Factors, FCB Ulka, RK Swamy, Grey Global and Image Ads. The new agency is expected to assist IDBI Ltd in creating awareness of the new avatar and give the products an identity that consumers could reckon with.