The latest evidence comes from Japan, where we are witnessing the historic spectacle of two major domestic banks engaging in a takeover battle for UFJ Holdings, for the right to create the world's largest bank. Not only is this the first time that such a public tussle between two domestic banks has taken place, it is also significant in that each party has been relatively proactive in utilising the power of public relations.
Mitsubishi Tokyo Financial Group has reportedly retained Burson-Marsteller, while UFJ has gone with Gavin Anderson. Sumitomo Mitsui Financial Group, the hostile bidder which continues to up the stakes even as its bid was rebuffed by UFJ shareholders, is also believed to be examining its PR options.
It is a long way from a Japanese banking sector that was notoriously impenetrable; where deals would be quietly brokered behind closed doors.
The country's economy has gradually opened up to foreign competition and many analysts see a hostile takeover as precisely the kind of 'shock' needed to jolt the banking sector into the new global reality.
The stakes are high; whichever bank loses out will languish a distant third among the country's financial players and, for the PR agencies involved in the process, it is likely to prove a remarkably complex affair.
Questions have been raised over how much input the agencies will realistically be able to provide. This may be a Western-style brawl, but Japanese banks are hardly paragons of openness. Communicating the kind of strategic advice and guidance that agencies take for granted with their clients in other Asian markets may be a more difficult task in this case.
Effectively managing key stakeholder relationships will also be crucial.
With the Japanese media itself unused to this kind of battle, the ability of agencies to successfully ensure a consistent set of messages may well be tested. Inevitably, cultural issues must also be taken into account, and the PR players will need to make their points without appearing to resort to mudslinging.
The importance of the political angle to this equation cannot, furthermore, be overstated. A strong populist streak runs through the Koizumi Government, and the banks will be aware of running afoul of public opinion. Neither can the shareholders be overlooked - under Japanese law, a third of attending shareholders can block any merger proposal, and 30 per cent of UFJ shares currently lie in foreign hands.