The overall marketing spends are pegged at Rs 25-30 crore.
Corporation Bank has recently empanelled four advertising agencies - RK Swamy BBDO, Ad Syndicate, Magnum Intergrafiks and Goldmine Advertising. All four agencies have confirmed the development to afaqs!.
While RK Swamy BBDO's Bengaluru branch will handle the business, Magnum Intergrafiks and Ad Syndicate will handle the account from their respective Mangalore offices. Goldmine Advertising will handle the account from its Mumbai office.
According to informed industry sources, the overall marketing spends are pegged at Rs 25-30 crore, of which Rs 10-15 crore will be allotted to advertising.
The pitch process was initiated in November last year and saw the participation of 18 advertising agencies. The result was declared a few days ago.
Corporation Bank reviews its creative roster every two-to-three years. The previous roster comprised RK Swamy BBDO, Magnum Intergrafiks and two other agencies, the names of which could not be ascertained at the time of filing this report.
On March 12, Corporation Bank will inaugurate a heritage centre at its birthplace, Udupi. The bank was founded on this date in 1906, as Canara Banking Corporation (Udipi) Limited.
Today, Corporation Bank has a network of 1,155 fully automated CBS branches, 1,145 ATMs and 1,200 banking units across the country. It also has representative offices in Dubai and Hong Kong. The bank plans to expand this network by another 700 branches over the next five years.