There is more action coming from Bank of Baroda (BoB) with the banking major consolidating its media duties with Lodestar Media, effective January 1, 2006. As is known, in November 2005, BoB had empanelled five agencies to take care of its creative business, which included Mudra, Euro RSCG, FCB-Ulka, Lintas Personal and Interpublicity. The account is pegged at Rs 40 crore.
Over 50 agencies were part of the initial presentations that BoB had invited in mid-2005. A source in the bank explained, “The decision for the media AoR was based on the presentations done by the five empanelled agencies. The reason we wanted five agencies for the creative side was to ensure competition between these agencies and get the best results but, at the same time, we wanted to benefit on the count of getting media efficiencies as well. Hence, we wanted an AoR, and Lodestar fit the bill completely in this regard.”
Prior to this, the bank’s advertising duties were in the custodianship of Percept H, Maa Bozell and Interpublicity, the media arms of which were taking care of the media requirements. At the time of filing the report, both Lodestar Media and Bank of Baroda officials were not available for comments on the development.
Bank of Baroda finalises five agencies for Rs 40-crore account