Intelligent Finance (IF) is reviewing its £8.4m advertising account held by Union.The review will be overseen by Duncan Movassaghi, who was appointed director of products and marketing last month (MW July 3).
The Union was handed the IF account before the internet and phone bank was launched in November 2000 as a new brand within the Halifax Bank of Scotland stable. The agency created a national television campaign ahead of launch. IF is best known for its offset mortgages, but also offers loans, savings, credit cards and current accounts.
The company says the review is part of normal business practice, and Edinburgh-based Union will be asked to repitch for the business. IF is still deciding which other agencies will be invited to pitch.
The direct marketing account held by Navigator Response Advertising and media planning and buying through BLM Media are unaffected by the review.
The bank integrated its sales and marketing operations when the then director of marketing Angela McIntosh retired in August 2002. Ian Jeffery, who was appointed sales and marketing director, was made sales and service director following Movassaghi’s appointment.
The bank is not expected to break even until later this year and recently scrapped plans to expand into Europe, precipitating the departure of its founder Jim Spowart.