EXCLUSIVE: Westpac is pushing ahead with a full-blown review of its $70 million group media account - although the bank would not comment on the decision today.
OMD, which currently holds the group buying tender for Westpac, St George and other group brands, is understood to have been informed last week of the decision to move to an open review.
Speculation has already started among media owners about who is likely to be in the final Westpac tender list. The banking sector is seen as a key growth segment for media companies in the coming year – advertising for the banking category overall was up 14% for the 12 months to June, according to SMI.
It is unclear at this stage which other agencies are in Westpac’s review, although UM or Initiative and Harold Mitchell are names which have surfaced.
Westpac’s marketing boss, Damian Eales forged strong links with Mitchell & Partners while he was at David Jones, although Mitchell has a major conflict in that it already works for rival ANZ.
OMD’s contract is up in September. Anecdotal evidence has suggested the agency was performing well but the bank has said it will push ahead with a full review.
OMD would not comment. Westpac’s Eales told AdNews earlier this month: “We haven’t determined that we are going to take it to market but we will make that decision shortly.”
It is also unclear when the review process will start.
Have something to say? Send us your comments using the form below or contact the writer at paulmcintyre@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.