Standard Chartered cuts global pact

SINGAPORE: Standard Chartered Bank is aligning its multi-million dollar global advertising account with J. Walter Thompson, in a consolidation aimed at generating cost efficiencies on a worldwide scale. The realignment takes effect from November, starting with Hong Kong. The Asia-Pacific account, said to be worth tens of millions of US dollars, will be handled out of Singapore. The bank currently works with a number of agencies. In Asia, it has Leo Burnett and FCB on its roster, handling a variety of corporate and retail brands and assignments. The realignment will hit Leo Burnett hardest. It has worked on many of the bank's marketing communications campaigns for the past 12 years. Dennis Wong, Burnett's Hong Kong and China chief executive officer, said: "It's not often you get to build a long-term relationship with a client who believes in brand-building. "We are disappointed but we understand. Sometimes you win and sometimes you lose." Standard Chartered's senior external affairs manager for Hong Kong, China and Northeast Asia, Eva Law, commented: "Worldwide we have adopted a policy that aims to consolidate resources to improve overall cost efficiencies." It is believed the media account will also move to MindShare in November.

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