The agencies invited to take part in the review were Zenith (incumbent), Carat, MediaCom, and UM, according to industry sources.
The tender process is understood to have lasted six months, with the scope of work being traditional media planning and buying (print and TV but excluding CCTV) for all the state-owned bank's business units.
BOC's previous media agency was Zenith, which won the account, then worth US$16 million in billings, from UM back in December 2012.
"The way this client wants to pitch will be on a campaign basis, so expect many pitches, and Zenith will not be participating," said a source close to the matter.
Although one source said OMD was invited, OMD itself assured Campaign it did not take part.