Multinational bank HSBC is reviewing its global media planning and buying operation – possibly worth up to 150m – as it embarks on an ambitious worldwide rebranding programme.
HSBC is understood to be looking for economies of scale and aiming to create a cohesive international message and strengthened brand. This will result in the channelling of media spend through a single network.
The company spends 9m in the UK through New PHD. However this figure is likely to increase as the rebranding drive gets under way.
An HSBC spokesman says: “HSBC is a global network operating in 79 countries. You would imagine that it makes sense to carefully review our media operations.”
The news comes after the an-nouncement earlier this month (MW February 11) that the financial services giant has appointed Lowe & Partners Worldwide to handle its advertising account.
The appointment followed a four-way pitch against BBDO, Bates Dorland and Ogilvy & Mather.
HSBC holdings reported a 20 per cent slump in net profits for 1998 to $4.31bn (2.6bn) last year. The company is to list on the New York Stock Exchange later this year to gain greater access to international capital and underline its status as a global bank.