EXCLUSIVE: Financial brand AMP is reaching the final stages of a $15 million media pitch as it looks to consolidate, with incumbents UM and OMD involved in the fray.
After AMP's $14 billion acquisition of AXA Asia Pacific, which came to a close early last year, the company looked to streamline in numerous areas of the business, including its media suppliers.
AMP has traditionally worked with UM Sydney, while the incumbent on the AXA account was OMD Melbourne. After the acquisition, both agencies have been working with the organisation.
AMP launched the pitch process some time ago, with the aim of finding a single media partner. The pitch was opened up to other agencies in the market, with both incumbents also invited to take part.
AMP confirmed the process to AdNews.
Industry sources have suggested the business is worth between $10 million and $15 million in terms of media billings.
AMP's creative agency is Sydney agency Banjo. AMP said Banjo's relationship has been unaffected by the pitch process.
Sources have said the process is well underway, and is coming towards its final stages.
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