Maxus has won the coveted IDBI media business in Mumbai worth Rs 20-25 crore. Confirming the development, CVL Srinivas, Managing Director, Maxus India and Asia Pacific, said that the win came on the back of several wins in the past three months.
The incumbent agencies on the IDBI media account were Lodestar and Network. It may be added here that in June, Bates had bagged the creative duties of IDBI.
The new wins in the last three months include AMD (microprocessors) in Bangalore, Essar Telecom (Mumbai), and GE Money & SBI Cards, Dabur Oral Care and the Bill Gates Foundation from Delhi. The total media billing of these accounts is approximately Rs 100 crore.
Said Manjiri Kamath, GM, Maxus Mumbai, about the IDBI win, “As media partners for IDBI, we look forward to partnering them in their aggressive growth plan.”
IDBI’s need for a new agency came up when its contract with FCB Ulka expired on March 31, 2005. The financial major had already commenced talks with agencies in early March.
Another reason why rethinking on the advertising business was required was the impending merger of IDBI Ltd with its subsidiary, IDBI Bank, which is expected in the near future and would lead to the integration of services of both financial entities and would thus require a different skill set.
Expressing delight over the win, Srinivas said, “Importantly for us, they have come from all three of our main offices in Delhi, Mumbai and Bangalore. We have strong operations in all these centres and today, have a diverse client base across each of these units. All these clients are embarking on aggressive growth plans, and we are delighted to be chosen their media partner.”
As for the agency’s strategy, Srinivas explained, “We have been selective in our pitching this year. After our big account wins last year, our focus has been to look at clients who have the potential to grow in the coming years, and where it makes business sense for us”.
Maxus India won several high-profile pitches in 2004, including Britannia, Titan (planning), Walt Disney, Titan (buying). In fact, it is the only media agency in the country that defeated the likes of Madison more than a couple of times last year.
The Maxus client portfolio in India includes Hero Honda, Hutch, Britannia, Titan, Seagram, Dabur, Pidilite, VIP luggage, Tata Motors (SUV), Himalaya, Reebok, Hindustan Times and AajTak.