Speculations are soaring high that National Australia Bank is likely to announce that it has awarded its $30 million creative account to Clemenger BBDO. The recent move of NAB to consolidate its creative account to a single agency is being widely anticipated as company would embark on a more aggressive advertising strategy. BBDO Worldwide holds 46.67 percent share in Clemenger BBDO, Australia’s oldest advertising agency.
The recent decision is strategically taken to win back the market share and to reposition itself in the market. The company is apparently struggling to reposition itself in the market following the currency trading scandal in 2003, which intensely damaged the bank.
However, the decision is, of course, likely to inflict severe blows to the incumbent advertising agencies. See Life Differently, the incumbent agency, seems to be anticipating this decision as it had already shedding its staffs. Further, the decision is almost a death nail to George Patterson Y&R, which is handling the bank’s advertising of credit cards.
A larger and clearer picture of the speculation is likely to appear within a fortnight as no companies involved willing to comment on this issue at the moment.
