IDBI to spend Rs.50-60 crore on TV, Print and Radio medium; Rs.30 crore on OOH, BTL, Direct & Digital.
Neha Saraiya | Delhi | July 12, 2011
Following a multi-agency pitch as a part of the review of its media duties, IDBI Bank has retained Maxus as its media AoR and appointed Mudra Max to handle its Out of Home, Below the line, Direct and Digital businesses. Maxus was first appointed by IDBI in 2005.
The pitch was called in March and was part of the tender which IDBI Bank floats every three years as per applicable government guidelines. The two agencies will be resposible for handling its various sectors which includes IDBI Bank Ltd, IDBI Capital Management Services Ltd, IDBI Intech Ltd and IDBI Assets Management Ltd.
Both the agencies and the bank refrained from commenting on the size of the business but sources close to the development told BestMediaInfo.com that IDBI has earmarked Rs.50-60 crore as media spend on TV, Print and Radio medium while the account size of OOH, BTL, Direct & Digital spend is estimated at Rs.30 crore.
Reacting on the win, Kartik Sharma, Managing Partner, Maxus said, “There is nothing like retaining a business for over 6 years which validates our good works done for IDBI so far. During this period, IDBI has seen tremendous growth and we are proud to be a part of it. We will keep delivering innovative solutions to the brand.”
Pratap Bose, CEO, Mudra Max, said, “It’s a significant win for us and I am happy with the way we are moving ahead. We look forward to IDBI Bank Group bringing innovative thinking and a strategic direction to the brand.”
Elated with the win, Mandeep Malhotra, President, Mudra Max-OOH, “IDBI Bank has shown faith in who we are and what we bring to the table. We are positive this partnership will be mutually beneficial. We hope to rise to the challenges offered by the brand, in terms of path-breaking and innovative methods of reaching the TG."
“It is a matter of great pride to be associated with an iconic brand like IDBI Bank. We are looking forward to fostering a long and successful partnership with them. The brand has aggressive growth plans and we will help them every step of the way,” remarks Vijay Jain, General Manager, Mudra Max-OOH.