HSBC Bank has handed its global media planning and buying account to Omnicom's media agency PHD but bespoke agency Foundation will be handling the services locally, AdNews can reveal.
This is due to a bank client conflict, as PHD holds ANZ Bank.
The global account is rumoured to be worth over $400m in media billings. However, the Australian spend is much less, predicted to be less than a couple of million dollars, industry insiders told AdNews.
In Australia, HSBC has very little business-to-consumer marketing and mainly does direct business-to-business, with 45 branches locally.
HSBC's last local campaign was in 2018, which celebrated the individualism of Australia and urged Aussies to buy a home that reflects their unique way of life.
The global pitch was reportedly a six-month process.
A HSBC spokesperson told AdNews: "HSBC periodically evaluates all marketing service suppliers to ensure we select the best partners to maximise the effectiveness of our investment to support our strategic goals.
"We have selected OMG as our preferred media planning and buying partner."
GroupM's media agency Mindshare had the global account for 13-years up to 2018, when Omnicom won it in the last global review.
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