Lack of business forces closure of Grey sister shop

<p>SINGAPORE: Grey Worldwide plans to bolster its regional office in </p><p>Singapore now that local sister agency Grey Advertising closed down, </p><p>resulting in 15 job losses. </p><p><BR><BR> </p><p>Edwin Tan, group managing director and majority shareholder in Grey </p><p>Advertising, closed the agency because it failed to generate any </p><p>significant new business in recent years. </p><p><BR><BR> </p><p>"It was hit hard by the recession in 1997 and never properly recovered," </p><p>said Eric Rosenkranz, Grey Asia Pacific president. </p><p><BR><BR> </p><p>It was also unable to count on new business via international alignments </p><p>because these accounts - Oracle, Procter & Gamble, Holiday Inn and </p><p>others - were housed in the Singapore regional office, Grey Worldwide </p><p>Southeast Asia, which has an account service and administrative staff of </p><p>12. </p><p><BR><BR> </p><p>Accounts handled by the local shop, including Vitagen and Overseas Union </p><p>Bank, will move to Grey Worldwide. </p><p><BR><BR> </p>