After a four year long partnership, HSBC has appointed Saatchi & Saatchi as the lead agency on its global brand advertising account following a pitch, replacing incumbent J. Walter Thompson (JWT).
The agency will now develop and launch a new brand positioning for the business, which will be rolled out in multichannel communications across the world, including HSBC’s global airports portfolio. Meanwhile, JWT will continue to be its network agency for HSBC on global retail banking, servicing all the key markets in the region.
“JWT remain valued partners on our global roster of agencies, leading our efforts in retail banking across key regions and geographies,” HSBC said in a press statement. It added that JWT was recently awarded assignments for two of the bank’s key UK sponsorship properties, British Cycling and the Wimbledon AELTC partnerships.
The bank explained that in 2016, HSBC conducted an exploratory project to look at the future direction of its overall brand strategy and asked two of its incumbent agencies, Saatchi & Saatchi and JWT, to look at a strategy-only brief. Saatchi & Saatchi was asked to develop their proposal further.
“In addition, WPP remain a key partner for HSBC globally. HSBC has not moved any creative assignments from their current agencies,” the HSBC press statement read.
According to a report about More About Advertising, the account is worth approximately $400 million. In a press statement confirming the win, Saatchi & Saatchi London was said to have led the pitch to win the business and will work to roll out the branding for the bank. DigitasLBi and MSL Group were also credited for the win. Specialists from across the Groupe will now sit together as an integrated team on the business, based in the new Saatchi & Saatchi offices at 40 Chancery Lane.
Saatchi & Saatchi has been on the HSBC advertising roster since 2012, when it was appointed to the HSBC Premier and Sponsorship accounts, before adding responsibility for HSBC’s Jade, asset management and insurance briefs.
“HSBC is at the forefront of change in the fast moving financial services sector and we are delighted and proud to have been chosen to help them deliver that message to global consumers,” Magnus Djaba, global president of Saatchi & Saatchi and CEO of Saatchi & Saatchi London, said.
Marketing has asked Saatchi & Saatchi, under the Publicis umbrella, for more information on Asia Pacific duties.
Djaba was recently appointed by Saatchi & Saatchi as its first global president, while Robert Senior, global CEO Saatchi & Saatchi, exits from the role.
In 2013, HSBC split its global ad business following a five-month review between JWT, Grey and Saatchi & Saatchi. In Asia, JWT and Bates, another WPP agency, have shared the HSBC business in several markets, including Hong Kong, over the last few years. JWT took on the account as global creative lead, with Grey as co-lead.
JWT’s remit included the global brand all cross business divisional activity, the advance proposition, the RBWM (retail) business in Asia, Middle East and North America and the global Private Banking business. It was also awarded the only new global assignment, the 150th Anniversary campaign for 2015.