The review is being handled by RBS Group’s procurement department and is expected to form part of a due diligence process as it looks to restore its reputation.
A number of roster and non-roster agencies have been approached.
M&C Saatchi currently handles the business. Its retail bank business, the majority of which is focused on NatWest, is unaffected by the review.
Other agencies on the RBS roster include TBWA\Manchester, CST The Gate and CHI & Partners, which are also unaffected.
Recent headlines suggest the group may receive two separate fines, from the Financial Services Authority and the US regulators, for its alleged involvement in the Libor-fixing controversy.
Separately, RBS Group is reviewing its digital creative agency roster for its main consumer banking brands.
RBS Group and M&C Saatchi declined to comment.