(Friday, Jan 20, 2006 - 06:00 pm)
Televisionpoint.com Team
Close on the heels of bagging the Rs 15 crore retail banking operations of Deutsche Bank, Grey Worldwide has snapped up the bank's Rs 10 crore credit card business in a high-pitched battle.
Grey has also cornered the Rs 5 crore 3M Bangalore and the Rs 5 crore Manipal Group account, catering to Manipal Hospital and educational institutions. The size of accounts snagged this month is Rs 20 crore. Deutsche Bank (DB), had a clear target when it set up operations in India last October. The bank, which offers current and savings accounts as well as investment and credit products, is targeting the increasing number of wealthy customers in the country.
Confirming the win, Nirvik Singh, president, Grey, said that it was a tough fight. "We had bagged the retail operations earlier and the recent rollout of creatives has been well received. We will now launch the credit card business in the country," he said.
Note, After a long phase of stagnation, the advertising spend in India has gone up strongly since last year and this year it jumped 14% to Rs 13,200 crore. Driving this has mostly been sectors like airlines, luxury brands and financial services. Ad spends of financial services companies almost doubled this year to over Rs 1,000 crore.
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