HSBC is set to launch a global media agency review.
Incumbent PHD won the account in 2018, following a three-way contest between Mindshare and Dentsu’s Aegis Network.
Prior to PHD, WPP's Mindshare handled HSBC's media account for 13 years, having defended it in 2013.
On this occasion, HSBC declined to comment on the media review but when Campaign reported on the prior review in 2018, a spokesperson for the bank said at the time: "As part of our commitment to the ongoing development of HSBC’s media and marketing arrangements, we periodically evaluate all marketing service suppliers to ensure we maintain the best working relationships to support our strategic goals.”
The company gave a clue about its latest strategic ambitions in an investor presentation at its Q3 results earlier this week, when it highlighted the ambition to "digitise at scale" and "transition to net zero" among four priorities.
HSBC’s key markets include the UK, US, China and the Middle East.
During PHD’s tenure as media agency, HSBC has launched campaigns such as “Vicious circle”, which partnered Shelter and helped homeless people open bank accounts, and “Borders”, with Richard Ayoade. Both were created by WPP’s Wunderman Thompson.
HSBC consolidated its creative account into WPP in 2020.
Omnicom-owned PHD declined to comment on the media agency review.