IDBI retains O&M as creative agency; marketing spends Rs 50-plus cr
IDBI Bank has decided to retain Ogilvy & Mather for its creative duties following a multi-agency pitch. It may be recalled that a creative and media pitch was floated by IDBI in March 2011, following which Maxus was retained as the media AOR in July 2011, while Mudra Max was assigned the outdoor duties. According to industry sources, the overall marketing spends is pegged at Rs 50-75 crore.
Confirming the development, Navin Talreja, Managing Partner, Ogilvy Mumbai, told exchange4media, “We are absolutely delighted to have won the IDBI pitch. It is testimony to the work that we have put behind building the IDBI brand over the last three years and also to the partnership and mutual respect that the teams enjoy. We look forward to even stronger years as the mahouts of this fabulous brand.”
It is learnt that eight agencies were initially in the fray for the business, however later on two agencies backed out.
The IDBI Group includes IDBI Bank Ltd, IDBI Capital Management Services Ltd, IDBI Intech Ltd and IDBI Assets Management Ltd. The IDBI Bank floats tender every three years as per applicable government guidelines.
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