The advertiser is set to hand selected agencies an introductory brief for the review this week, which focuses on the high-street NatWest business that RBS acquired in 2000.
MediaCom won the consolidated RBS account in 2000 after a six-month pitch process. In 2006, it added online planning and buying.
The banking group also includes the Direct Line and Churchill insurance brands, which are not believed to be part of the review. Other brands under the RBS umbrella include Lombard Direct and Privilege Insurance.
Last June, sources close to the advertiser revealed RBS had approached agencies as part of a costing exercise. However, this never went to a fully fledged review.
RBS’s advertising is split between M&C Saatchi, which handles its retail business, and CHI & Partners, which oversees its in-branch creative work.
M&C Saatchi also looks after the RBS Corporate business. The creative account is unaffected by the review.
MediaCom and RBS would not comment on the media planning and buying review.