Yesterday we wrote about HSBC naming Saatchi & Saatchi as its lead global creative agency following a review. Today HSBC Holdings released a statement clarifying its position regarding its advertising agency roster.
Specifically, HSBC explained that it has not ended its relationship with JWT, who “remain valued partners” on its roster, “leading…efforts in retail banking across key regions and geographies.” HSBC characterized the review as relating to a strategic assignment, which it then asked Saatchi & Saatchi to develop further. The statement concluded, “HSBC has not moved any creative assignments from their current agencies.”
Here’s the statement in full:
HSBC HOLDINGS PLC STATEMENT ON ADVERTISING AGENCIES
Following recent speculation HSBC would like to clarify the position regarding our advertising agency roster arrangements.
JWT remain valued partners on our global roster of agencies, leading our efforts in retail banking across key regions and geographies. They have recently been awarded assignments for two of our key UK sponsorship properties, British Cycling and the Wimbledon AELTC partnerships.
In 2016, HSBC conducted an exploratory project to look at the future direction of our overall brand strategy and asked two of our incumbent agencies, Saatchi and Saatchi and JWT, to look at a strategy-only brief. Saatchi and Saatchi were asked to develop their proposal further.
In addition, WPP remain a key partner for HSBC globally. HSBC has not moved
any creative assignments from their current agencies.