It took a bit longer than the creative decision, but HSBC has selected an agency to handle its global media planning and buying.
Mindshare has retained the business, an HSBC representative told Adweek. Sources identified the other finalist as Zenith. The bank’s annual media spending is estimated at $400 million.
The media decision comes four weeks after HSBC split its creative business among three agencies: JWT, Grey and Saatchi & Saatchi.
JWT, which previously was the bank’s global lead agency, is now co-lead agency along with Grey, according to HSBC. Saatchi functions as a third player.
As part of the creative search, the bank asked each agency to recommend a media shop, according to a source. Grey and JWT, both units of WPP Group, naturally put forth sister shop Mindshare. Likewise, Saatchi suggested fellow Publicis Groupe agency Zenith.
Mindshare’s win caps a lengthy review that began in the fall and was led by marketing chief Chris Clark. The process also involved Efficio, a London-based consultancy that specializes in procurement and supply chain optimization.
The review came eight years after HSBC consolidated its global marketing business at units of WPP Group, chief among them, JWT. Interestingly, HSBC, in accordance with new internal procedures, now intends to review its creative business every four years.