CIMB Group, the regional bank operating in ASEAN and headquartered in Kuala Lumpur has parted ways with Ogilvy, sources have told Marketing.
Both CIMB and Ogilvy declined to comment on the development.
It is known that Ogilvy handles CIMB’s creative business in its main markets of Singapore, Thailand, Malaysia and Indonesia and it is unclear at this stage as to which markets are affected by this development.
CIMB appointed Ogilvy for its Indonesia launch in 2008 and in 2009, Ogilvy expanded the relationship with Ogilvy RedCard picking up the its creative account in Singapore and Ogilvy & Mather Thailand winning the business in the local market.
CIMB Bank operates across 14 markets globally. Its main markets are Malaysia, Indonesia, Singapore and Thailand and these primarily focus on consumer banking, corporate & institutional banking and markets and group asset management & insurance.
It operates under several corporate entities including CIMB Investment Bank, CIMB Bank, CIMB Islamic, CIMB Niaga, CIMB Securities and CIMB Thai.