Post the announcement of its brand revamp and appointing Ogilvy & Mather India as its creative partner, 82-year old private sector Dhanlaxmi Bank has decided to appoint Mindshare India as its media AOR. Sheran Mehra, Head - Marketing and Corporate Communications, Dhanlaxmi Bank, has confirmed the development.
Though the media spend on the business could not be ascertained, according to industry sources and as per previous media reports, the business is pegged in the region of Rs 15-20 crore.
On appointing Mindshare, Mehra said, “Strategic media planning is a must for effective communication. As we expand pan-India and venture into new areas of financial services, we have the challenging task of reaching out to a much wider group of audiences, while keeping the existing customers efficiently involved with the Bank. With Mindshare as our partners, we are confident of creating effective brand awareness and maximising our brand visibility in a short span of time.”
Reacting to the win, Gowthaman Ragothaman, Leader, Mindshare, South Asia, said, “We are delighted to be working with Dhanlaxmi Bank, which is all set to enter into its next orbit of growth. We are confident that our media strategy will help the Bank in reaching out to its diverse target audience amid the changing market dynamics.”
It may be recalled that in September 2009, Dhanlaxmi Bank had roped in Fitch, a London-based branding and design consultant, to chart out its new brand identity and retail design. The objective was to revitalise the brand imagery to appeal and resonate with the larger audience.
Dhanlaxmi Bank was incorporated on November 14, 1927, by a group of ambitious entrepreneurs at Thrissur, the cultural capital of Kerala. The bank started with a capital of just Rs 11,000 and seven employees, and subsequently became a Scheduled Commercial Bank in the year 1977. The bank had received approval from the Reserve Bank of India to open 66 branches and 380 ATMs across the country during 2009. This will increase the number of customer outlets from 279 to 725, helping it attain a national stature.