State Bank of India has almost completed its pitch processes and decided to assign the business to ten agencies. However, despite the completion of the pitch process, SBI has till now sent empanelment letters only to seven agencies. The seven agencies are JWT, Mudra, O&M, Saatchi & Saatchi, Adfactors, RK Swamy/BBDO and Mode. Industry sources peg the account in the region of Rs 35-40 crore.
These seven agencies received their empanelment letters last week. A decision on the other three agencies is expected soon. The decision to empanel ten agencies is a rather unusual one. Sources in the know say that this is a different method that SBI is experimenting with, wherein the agencies would be given different functions.
At the time of filing the story, SBI officials were not available for comment.