- The Woolwich has dropped Bartle Bogle Hegarty from the contest for its £10 million creative advertising account leaving the incumbent, Ogilvy & Mather, to shoot it out against Publicis.
The former building society, now converted to a bank, called the review in February as part of its mission to reposition itself as a distributor of financial packages rather than as a loan shop partly in response to a shrinking mortgage market and low interest rates.
It is facing increased competition from direct rivals including Direct Line, Egg and Standard Life, which can offer cheaper packages without any of the retail overheads.
The advertising review is part of a larger revamp of its marketing operations that has been on going since conversion two years ago. The company underwent a major restructure last year, which saw it split its centralised marketing operation into individual business units.