South Africa's FirstRand Bank (FRB) has awarded its creative duties to the Mumbai-based Network Advertising. This puts an end to its hunt for an advertising agency for its retail banking arm.
Highly-placed sources in the advertising industry have confirmed the news to afaqs!.
The development is the result of a multi-agency pitch process that was held in Mumbai. Recall the afaqs! report carried in October 2011 that had announced the pitch call. The report had also conveyed that the bank's marketing budget for its retail arm for this financial year was to be over Rs 7-8 crore.
FirstRand Bank India is a branch of FirstRand Banking Group, South Africa. The group is a known financial services player in Africa. The company claims that it is the first bank from the African continent to be granted a full-scale commercial banking license in India. In fact, the bank commenced its banking operations in India in April 2009, and currently, has one branch in Churchgate (Mumbai).