Following a multi-agency pitch, IDFC (Infrastructure Development Finance Company) Mutual Funds, a private sector diversified financial institution, has awarded its creative mandate to TBWA\India. The account size is pegged at Rs 15 crore. There was no incumbent agency, while Mindshare handles the media business of IDFC.
Besides TBWA\India, the other agencies that reportedly took part in the pitch included Lowe Lintas, McCann Erickson and Rediffusion Y&R.
Confirming the development, Naval Bir Kumar, President & CEO, IDFC MF, said, “We realise the role that strong brands play in the life of our investors and we seek unique routes to build relevance in their minds.”
Elated on the win, Shiv Sethuraman, CEO, TBWA\India Group, commented, “I am very pleased that IDFC MF chose TBWA\India. This is a challenging and exciting category and IDFC MF is looking to do things very ‘disruptively’, which suits us just fine.”
IDFC had been established by a consortium of global and local institutions with the support and sponsorship of the Government of India. A majority of IDFC’s shareholding (67 per cent as of March 31, 2008) is held by reputed global stalwarts that include the Government of India, International Finance Corporation (IFC) - a member of the World Bank Group, Government of Singapore, AIG, Morgan Stanley, Goldman Sachs, Citigroup, and JP Morgan, among others. The best Indian financial institutions such as HDFC, LIC, SBI, and IDBI are owners in IDFC.