The media company has also added extra OCBC business in Singapore, taking on the account of the bank’s asset management subsidiary, Lion Capital. The OCBC Malaysia account went to Carat’s sister network Vizeum without a pitch, ending the bank’s relationship with WPP agency Mediabiz. Carat Singapore, which wrested OCBC from Maxus earlier this month (Media, May 4), takes on Lion Capital, formed in 2005 from the merger of OCBC Asset Management and Straits Lion Asset Management.
“The OCBC client showed an enlightened view of the new role of media,” said Richard Leong, CEO of Carat Singapore and the agency’s regional director. “Across the region, Carat will partner OCBC and its related companies to disrupt the marketing communications landscape to forge ahead of the major global banks.”
OCBC is looking to expand in Malaysia, adding to the 28 existing branches and offering new services.
In 2006, the bank posted an operating profit of RM666 million, up 19 per cent on the year before.