Sources expected the two groups, whose agency networks currently work on HSBC, to emerge as victors of the six-month-long global review. Underlining the likelihood that the brief could be split between two groups, an informed source said: "HSBC wanted a competitive structure so no agency would get complacent."
The third serious contender to make the final round was Omnicom, while Publicis Groupe was dropped from the pitch in February.
The bulk of HSBC's business in Asia is split between IPG's Lowe and its long-standing agency in Hong Kong, Bates.
Sources also said HSBC was looking to maximise its below-the-line spend, which is currently spread across approximately 200 below-the-line operators globally. See media.com.hk.
