Industrial Development Bank of India (IDBI) has selected FCB Ulka to handle its creative account. The media duties of IDBI would be handled by Lodestar, the media arm of FCB Ulka. Media billings for the account are pegged close to Rs 50 crore.
The pitch was called following IDBI’s decision to merge with IDBI Bank in January 2004. Over 22 agencies participated in the first round.
Following the initial round of presentations, IDBI announced a shortlist of agencies earlier this month. These included Adfactors, FCB Ulka, RK Swamy, Grey Global and Image Ads.
The new agency is expected to assist IDBI Ltd in creating awareness of its new avatar and give its products an identity that consumers could reckon with.
To put things into perspective, earlier this 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 around October 2004.