Four of Hong Kong's largest agencies pitched for the account, which in local terms is said to be the equivalent of the British Airways account in London. The agencies were Bates, who held the account for about 35 years, Dentsu Young & Rubicam, DMB&B, and Euro RSCG Partnership.
The Hongkong Bank is held up as the second largest advertiser in the region. Although it will not disclose its ad budget, sources say it spent $17.5m on advertising last year.
M&C Saatchi's product account win is worth about 25% of the bank's total adspend. M&C Saatchi CEO, Michael Moszynski, attributed his agency's success to its "fresh approach". The new campaign - details of which are still under wraps -will appear later this year. Moszynski will reveal only that the pitch included a strategy that straddled "product development, service delivery and various forms of communication". The account was put up for review in June.