Lloyds Banking Group is set to award its media planning and buying account to MediaCom as a result of the shake-up from the decision to dissolve Greenhouse, the dedicated media agency created by Group M for the client.
It is understood MediaCom competed with Mindshare for the business as Lloyds planned a move towards a more conventional agency/client relationship.
The shake-up was a statutory review of Lloyds Banking Group’s media arrangements for all UK media, with the winning agency set to take on the business for three years.
A spokesperson for Lloyds Banking Group said: "Lloyds Banking Group can confirm we are in advanced negotiations with Group M with regards to moving our media agency relationship to MediaCom.
"As an industry leader, we believe MediaCom will enhance our ability to connect with our audience and provide our brands with access to their unrivalled media expertise."
The review includes media for all Lloyds Banking Group brands, including Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows and MBNA.
In the past 12 months, the group’s marketing spend was £79m, according to Nielsen data.
While the move is "not yet finalised and remains subject to board approval and contract signing", Lloyds Banking Group hopes to "finalise the move and to be working with MediaCom as of January 2019", the spokesperson added.