The CIMB account is estimated to be worth RM 10 to 15 million (US$2.7 to $4 million), and was previously split between FCB handling the investment banking side of the business and Burnett handling sister company Bumiputra Commerce Bank (BCB).
Ogilvy won the business after a five-way pitch was held -- which also included Naga DDB, McCann Erickson and FCB -- to consolidate its entire business under one agency partner. The reverse marks the latest in a series of setbacks for Burnett, after the agency lost the Petronas Daganan business(petrol, lubricants and convenience stores) last year. Meanwhile, the Malaysia Airlines account, which Burnett has held for 10 years, is expected to be tendered later this year.
Ogilvy, believed to have won due to its public relations capabilities, has been charged with overseeing the integration of the retail banking section, BCB, to be consolidated under the CIMB name.
BCB was acquired in January 2006 as part of a restructuring, which also saw the appointment of new CEO Dato Nazir Razak.
The restructuring aims to position the bank as a 'universal' financial services provider by integrating its commercial and investment banking arms.
