Lloyds Banking Group reviews its £77m media accounts

LONDON - Lloyds Banking Group has called a consolidating review of its £77m media planning and buying accounts for Lloyds TSB and HBOS brands, currently held by ZenithOptimedia and Vizeum respectively.

Lloyds Banking Group reviews its £77m media accounts
Lloyds Banking Group reviews its £77m media accounts

The financial giant was created last year following the merger of Lloyds TSB with HBOS. The review comes as the company looks to slash about 30% of spend off both accounts, according to an insider involved.

The Nielsen Company records Lloyds TSB spending £37m on media in the 12 months to 31 January 2009 and HBOS spending £40m on its brands Bank of Scotland, Birmingham Midshires, Halifax, Intelligent Finance and Insight Investment Management.

The esure insurance business, handled by Carat, is not included in the review.

The review will be led by Lloyds TSB’s new head of brand and customer marketing Joe Clift in a pitch process run by management consultancy Media Sense.

In a statement today (31 March) Lloyds Banking Group confirmed it is reviewing its media arrangements in a competitive pitch that includes ZenithOptimedia and Vizeum and two other undisclosed agencies.

Nigel Gilbert, group marketing director of Lloyds Banking Group, added: "In the current environment and as we bring the LTSB and HBOS businesses together, it makes absolute sense for us to take a look at how we structure our media planning and buying relationships."

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