The bank has approached a number of agencies in a process handled by HSBC’s head of brand development, Rachael Ives.
HSBC will aim to shortlist three agencies by the end of April before a pitch in May.
The bank works with several WPP agencies on the account, including G2 Joshua, which is in the process of merging with OgilvyAction, and JWT London. JWT picked up the business after merging with its sister shop and HSBC agency RMG Connect in 2009. However, the bank has approached non-WPP shops.
The review follows a global realignment of the £400 million ad account last month, which was split between Grey London, Saatchi & Saatchi and the incumbent, JWT.
Grey was handed the bank’s retail account for Europe and Latin America; JWT will work on the business in North Africa, North America and Asia-Pacific, as well as the global HSBC brand; and Saatchi & Saatchi will handle the global premier and wealth account and sponsorship.
The three agencies are unaffected by the DM review.