MUMBAI: In a strategic development, the London-based bank HSBC has appointed a group of WPP Group agencies to handle its $600m global advertising and marketing business after a pitch against rivals Interpublic Group and Omnicom.

HSBC which has been touted as the biggest account to change hands this year was handled by Lowe for the last five years. The account will now be taken over by WPP's J Walter Thompson (JWT).

In a UK media report, HSBC said that it would consolidate all of its worldwide advertising activities, currently at more than 200 agencies in more than 40 markets, with eight firms that are owned by London-based WPP.

According to a report in the Brand Republic, the Group M division of WPP will take over the media buying and planning business, which had been held by Publicis Groupe's ZenithOptimedia. MindShare will be the lead media agency with Maximise working on the business in Asia. Direct marketing will be handled by rmg:connect and 141 Worldwide and branding and corporate identity by Landor. JWT will share the creative duties with two other units, Bates Asia and Batey said the report. WPP global client leader Toby Hoare will be coordinating all activities.

Attempts by indiantelevision.com to contact JWT (Mumbai) president Kamal Oberoi for the take on the Indian scenario proved futile.

HSBC (London) group general manager for marketing Peter Stringham said in a media report that the bank would stick with the line "The world's local bank" which has adorned HSBC advertising on television, in publications and public places.

Although the bank doesn't seem keen on changing the strategy that was developed by Lowe as it reflected the reality of the bank, which was built by a lot of acquisitions in a whole lot of markets. What JWT will be doing is help HSBC refresh the idea creatively. The reason citied by Stringham in a media report for a change in the creative agency for the bank was to cut costs.