Leo Burnett has won agency-of -record duties for Fifth Third Bancorp, snaring the account from Olson.
The win snaps a relative dry spell for Burnett's Chicago office -- which had some account wins last year, but was on a slower pace this year -- and is particularly notable because the office took the business from a fast-rising independent shop in Olson, Minneapolis. Burnett will handle creative and digital advertising as well as marketing communication services.
Fifth Third is based in Cincinnati, where it has a big presence. The bank has $111 billion in assets and operates 15 affiliates with 1,314 banking centers and 2,432 ATMs in 12 states, mostly in the Midwest and Southeast. The company spent $33.5 million in measured media in 2010, according to Kantar Media.
"We are excited to work with Leo Burnett, a highly strategic and accomplished partner with deep experience working with clients facing unprecedented change in technology and customer preferences," Larry Magnesen, senior VP-chief marketing officer of Fifth Third Bancorp, said in a statement. "They have a proven track record of developing breakthrough communication strategies to articulate clear value and differentiation, and most important, to engage the customer."
Olson, which won the account in 2007, declined to comment. The review was handled by Atlanta-based Bedford Group.