Standard Chartered Bank Singapore has appointed Carat Singapore as its media agency partner. This is after a six-month long pitch that was first launched in June last year. When contacted by Marketing, the bank confirmed the move, declining to comment further on the appointment.
Carat will be in charge of media buying and planning duties. According to sources, the pitch extends globally and is being run out of Singapore as the hub.
Consulting firm R3 oversaw the pitch. In July 2016, Havas Media, UM and MEC made the shortlist. Meanwhile, OMD was the incumbent on the account.
The call for a pitch was in response to a recent initiative to streamline processes and maintain efficiency in the organisation, Marketing understands. In June 2016, it was reported by new sources that plans for the bank to pour in approximately RM 123.3 million (US$30million) in Malaysia are underway.
According to a report on The Star, the money will be used to run a global technology and operation hub under wholly-owned subsidiary, Scope International.