Management of Stanbic IBTC is combing Nigeria’s public relations industry in search of a reputable new PR agency to handle its marketing communication affairs.
In this connection, the 30 year- old financial service company recently called for a pitch for the PR account where five Nigerian agencies all based in Lagos participated.
Industry investigation showed that agencies that participated included XLR8 which has handled the PR account of the bank for over 10 years. Others were Chain Reactions, MediaCraft, TPT International and H&K.
Attempts to reach the bank for more information on the pitch last weekend were not successful but industry sources said the bank may be looking for a new agency, perhaps for new ideas and negotiation of new fees. The bank is yet to announce the winner of the new account after the competitive bidding.
Marketing communication budget cuts by many companies in recent time due to increasing operational cost has forced some companies to begin to re-negotiate fees with their agencies or engage new agencies.