United-Asatsu International, the incumbent, is defending the brief against three other agencies, believed to be Batey Red Cell, Lowe and Publicis.
The creative agencies, who will be leading an integrated pitch, have been invited to make a full presentation this month. A decision is due early next year. The catalyst behind the pitch is not clear with some speculating the bank could be unsettled by changes at Asatsu while others say it is part of a regular two-yearly review.
"They are not looking for a dramatic change but are looking at how to move forward in the highly competitive market," commented one of the agencies taking part in the pitch.
The fragmented Taiwan banking scene with about 40 main operators and the five biggest banks hold just a 25 per cent market share, has made it hard for customers to get a clear idea of what each bank stands for.
"There are too many banks," one agency said. "Consumers get confused. They don't what the difference is between banks so they are easily to tempted to move by special offers."