NEW YORK Fifth Third Bancorp has hired ad shop Latinvox here for Hispanic initiatives after a two-month review, the client said.
According to a statement, the scope of work includes advertising, promotions, grass-roots efforts, and media planning and buying. A budget was not disclosed. The general-market agency for the bank is Cincinnati-based Sunrise Advertising.
Larry Magnesen, svp of marketing at Fifth Third Bancorp, also in Cincinnati, said in a statement, "The Hispanic population has grown substantially in our core markets and this group is significant to our growth strategy."
This is the first time the bank has hired an agency to reach out to the Hispanic market. The company has been developing special programs for Hispanics in Florida, Michigan and Illinois with bilingual personnel to serve Latinos. In Michigan, Fifth Third staffers are helping Hispanic consumers obtain individual tax identification numbers from the Internal Revenue Service.
Fifth Third has 19 affiliates with more than 1,100 banking centers and more than 2,000 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.
The bank spent more than $30 million on advertising in 2005, according to TNS Media Intelligence.