Bank of Queensland splits media across Performics and Initiative; drops OMD

Bank of Queensland Group has consolidated its media agency set-up following the acquisition of ME Bank in 2021, splitting it across Performics and Initiative. The consolidated account is thought to be worth around $25 million in billings.

The banking group is to have its digital and performance media handled by the Publicis Groupe agency, while Initiative will handle all media planning and buying. OMD, which previously held the Virgin Money and Bank of Queensland accounts, has subsequently been dropped from the roster. Initiative and Performics have previously worked on ME Bank.

ME Bank was acquired by Bank of Queensland in February last year for $1.33 billion, with aims to give BOQ an “even split” between retail and business banking, as well as diversifying its customer base across Australia, according to CEO, George Frazis.

The consolidation of its media agencies then came as a result of the marketing teams across the group being consolidated following the acquisition. Both Performics and Initiative are incumbents on the roster of BOQ.

Melissa Fein, CEO Initiative Australia told Mumbrella she is thrilled to extend the partnership with ME bank and to welcome both BOQ and Virgin Money into Initiative.

“We are excited to work with a team of passionate marketers who are as passionate about growing brands as we are. We are excited to kick off our new expanded relationship in the coming months.”

CMO for Bank of Queensland Group, Ingris Purcell said: “Both Initiative and Performics are proven performers within the Group and have demonstrated the benefit of true collaboration in driving outcomes for the business.”

“We look forward to working with them on delivering integrated solutions across the whole portfolio of brands. This does bring to an end a long and proud working relationship with OMD Brisbane, who have worked with Bank of Queensland and Virgin Money for over 15 years.

“OMD have been a valued partner of the Group and we would like to thank them for their many years of service and support.”

This marks the first major account move for OMD since the beginning of when co-CEOs Laura Nice and Sian Whitnall took on the role. The ongoing consolidated Coles pitch -including OMD – is set to be announced imminently.

OMD, Performics, and Initiative were approached for comment.

In May, Publicis Groupe revived the Razorfish brand in Australia, in turn ditching the Performics Mercerbell brand.Performics now operates as a separate performance marketing entity,with current Performics Mercerbell CEO Jason Tonelli heading up both separate agencies.