Standard Chartered cuts global pact

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