National Australia Bank (NAB) has appointed Aegis-owned iProspect to its search marketing account, following the company's recent appointment of Mindshare as its media agency.
The bank has confirmed the appointment of the agency to its lucrative search business, with iProspect to begin work in March of this year.
One source has suggested the search component of NAB's marketing budget is worth at least $6 million, making it one of the most lucrative search accounts in the country.
The agency will work across NAB, MLC and UBank.
The search pitch, revealed exclusively by AdNews, was a four way tussle between Mindshare, OMD, Atomic Search and iProspect.
Mindshare was recently appointed to the bank's wider media account, however NAB had decided to split search into a separate account.
The incumbent on the search business was ZenithOptimedia, which previously handled the wider media account including search.
The finance and banking category is one of the most competitive sectors in the search marketing space, as financial institutions compete to outspend their rivals and hence gain the highest rankings in spaces like Google.
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