Standard Chartered banks on marketing

Singapore - Standard Chartered is set to ramp up its marketing activities next year, despite the global financial crisis which has enveloped many of its closest competitors.

Elizabeth Armstrong, Standard Chartered's global head of marketing for the wholesale banking business, told Marketing her advertising budget has been increased for 2009.

"We'll be doing a lot more next year," she said.

"More print, more on-air. We're looking seriously now at other properties, such as events or TV propositions."

The bank, which has been a sponsor of the Singapore and Hong Kong marathons, is also looking to engage in more sponsorships and hold more "proprietary events". Standard Chartered launched its first international ad campaign for its wholesale banking business, for the first time in its 155-year history, which was created by TBWA\ Singapore and OMD. It debuted in September.

Armstrong said while the bank doesn't spend as much on advertising as its competitors - such as HSBC, and under-fire banks Citibank and DBS - it has been raising its marketing budget for its wholesale banking business each year for the past few years.

"It's safe to say all our peers outspend us significantly," she said.

"We're seeing [today] the success of a strategy we conceived six years ago. The timing [of the recession] was fortuitous. You can only see these conditions as opportunities. This is when you'll add value to your organization."