The IDBI Group has called for a creative and media pitch. It is learnt that the size of the creative account for the group, which includes IDBI Bank, the mutual funds division and IDBI Capital Market Services, will be more than Rs 65 crore.
This is the first time that the group has called for an official pitch for its media duties. Maxus has been handling the media duties for the account for the past six years. It was first hired through Bates and later, through Ogilvy India.
The pitch has been called as per government rules, according to which IDBI Bank floats a tender every three years. As per the guidelines, initially, the chosen agencies (creative, as well as media) will be empanelled for one year. Later, the contract may be extended twice for a period of one year each.
The group will hire three agencies for each category - while the first agency will take care of creative services for the IDBI Group brand and its select product communications, the second agency will provide creative services for select product communications. The third agency will provide services to the group for statutory ads and product ads.
For the record, the IDBI Group includes IDBI Bank, IDBI Capital Management Services, IDBI Intech, and IDBI Assets Management.