Barclays is tripling its marketing budget for mortgage brand Woolwich, injecting an extra &£10m for 2006, and has installed Tim Kiy as its first marketing director in almost five years.
Currently Barclays brand director, Kiy will be responsible for building and revitalising the Woolwich brand, which was bought by Barclays for &£5.4bn in 2000. He has been tasked with making the Woolwich a mortgage “destination brand”, as well as increasing awareness among existing banking customers. The internal move has also led to a restructure of Barclays’ marketing departments.
Woolwich’s marketing was previously handled by the personal customers team as the bank concentrated on integrating the mortgage business into its high street offering. Kiy will continue to report to group marketing director Jim Hytner and be on the executive committee.
The &£10m-plus increase represents a 200 per cent rise in the marketing budget for 2006. Consumer activity is expected to hit in the spring with a strong television, press and outdoor advertising presence mooted.
Kiy, a Barclays’ veteran of 22 years, was promoted to brand director earlier this year, following the appointment of former ITV top marketer Hytner in 2004. He has been instrumental in the high street bank’s recent repositioning of “inventive spirit”.
Following his promotion, the role of brand director has been scrapped, with Peter Duffy, formerly customer insight director, heading a combined marketing services team integrating research and brand generation.