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Mindshare wins media duties for Dhanlaxmi Bank

By afaqs! news bureau , afaqs!, New Delhi | In Media Planning & Buying | April 07, 2010
Dhanlaxmi Bank plans to spend Rs 30-40 crore on its media presence

Dhanlaxmi Bank has appointed Mindshare India to handle its media duties. The account was awarded after a multi agency pitch which also included MediaVest Worldwide and TME, the media arm of Rediffusion Y&R.

& #BANNER1 & #Mindshare India, which is a part of the WPP Group, will be responsible for all forms of media strategy, planning and buying across print, electronic, radio and digital on behalf of Dhanlaxmi Bank.

Announcing the appointment, Sheran Mehra, head, marketing and communication, Dhanlaxmi Bank, says in an official communiqué, "We are a Kerala based bank and are on our way to becoming a national one. For us, strategic media planning is essentially required to expand pan-India and venture into new areas of financial services. This is why called for a media pitch for the first time."

Explaining the reason behind selecting Mindshare, Mehra says, "We chose the agency because of its strong network and capacity to understand the business."

The bank's media spends for this fiscal will be about Rs 30 crore.

Gowthaman Ragothaman, leader, Mindshare South Asia, comments in an official release, "We are confident that our media strategy will help the bank to reach out to its diverse target audience amidst the changing market dynamics."

In a recent move, the bank unveiled its new corporate identity, in line with its strategy to become one of the top private sector banks in India. The new identity included changes in the logo and the spelling of its name.

For the record, Dhanlaxmi Bank has ventured into new areas of financial services such as investment banking and retail assets business (credit cards).