Rs 30-cr HSBC account moves to MindShare & Contract
Following the global shift in advertising agency partner, HSBC's Indian operations have decided to award the media business to MindShare while Contract will handle creative duties. Official spokesperson at HSBC India confirmed the devolopment. The account size is estimated to be in the region of Rs 30 crores.
HSBC global account has moved to WPP group. While internationally JWT leads the account, in India, the creative responsibilities have come to Contract, while MindShare would handle the media part. As is known, the account has moved from Lowe and Initiative to the WPP group. HSBC officials confirm the news saying that work at the new agencies has already begun. Industry sources inform that the Indian operations are billed at close to Rs 30 crore.
While responsibilities of the new agencies would be to help the global banking major attain its overall marketing objectives, one area that HSBC is bullish this year is the personal finance business. The official spokesperson expresses, “Personal finance will be a key area this year, which should prove to be a strong point of revenue. This segment needs to be developed strongly and requires concentration.”
Explaining more about HSBC’s growth plans in 2004, the spokesperson informs, “We are looking at expanding the branch network this year.” As per the official, in the past four months, the bank has opened three branches in Kochi, Bangalore and Chennai, giving it a presence of around 37 centres in the country.
Looking at the broader picture, on a global scale, the movement result due to HSBC’s review of previous arrangements and its intention to consolidate its business under one roof. On being contacted, the involved agencies, Contract and GroupM refrained from commenting, citing that the guidelines of operations on the Indian scene were yet unclear.
