Both JWT and the bank declined to shed light on the split except to say in a statement that the decision would "not affect their ongoing business relationships in other markets". Industry sources believe the bank's plummeting adspend may have triggered the split less than a year into the relationship.
From HK$130 million in the first half of 2001, ACNielsen data show the bank's spend sliding to just $25 million in 2002 even as it refreshed its logo early this year to present a more dynamic image.
Meanwhile, there are conflicting reports whether a pitch was called.
Bank officials said BBDO, which worked on the bank's Manhattan credit cards for the past four years, was appointed without a pitch. However, other sources claimed agencies were asked to present a week after being contacted, a move which lead one agency to decline the invitation.
