Canadian Imperial Bank of Commerce has broadened the scope of its agency review and is now looking at all aspects of its advertising account, estimated to be worth as much as $50 million.
Billed last October as a review of media planning and buying and strategic branding assignments, the focus has now switched to a search for a full-service agency. Westport Consulting Group, a Westport, Conn.-based firm specializing in financial services marketing, is overseeing the process.
John Laurino, Westport managing director, says that while CIBC would ideally like to end up with a full-service agency, that will not necessarily be the case.
Laurino has invited each of the Canadian agencies that indicated their interest last fall in the CIBC business to submit their credentials, but has also thrown out an invitation to U.S. agencies. Incumbent Padulo Integrated is taking part in the review.
Laurino says the agency list has been ‘growing by the hour’ since word of the review broke recently in the U.S. trade press.He expects a shortlist of contenders will be drawn up by the end of February.
‘We’ve been working with the bank to complete its brand development work and we’re going to use that work to drive the agency search process,’ he says.
Laurino expects to choose a new agency by the end of April.
