Performics and Initiative have both been named media agencies for the Bank of Queensland Group, following an extensive review of their existing media agency.
As part of the acquisition of ME Bank by the BOQ Group in 2021, the marketing teams from across the Group were consolidated into one central function.
All of the Group’s digital and performance media will be consolidated with Performics, while all strategic media planning and buying will be consolidated with Initiative. Both media agencies are incumbent of the Group.
Ingrid Purcell, CMO for Bank of Queensland Group, said: “Both Initiative and Performics are proven performers within the Group and have demonstrated the benefit of true collaboration in driving outcomes for the business.
“We look forward to working with them on delivering integrated solutions across the whole portfolio of brands,” she added.
Performics and Initiative take over from OMD Brisbane who have been dropped from the banking group’s agency roster.
Purcell noted: “This does bring to an end a long and proud working relationship with OMD Brisbane, who have worked with Bank of Queensland and Virgin Money for over 15 years.
“OMD have been a valued partner of the Group and we would like to thank them for their many years of service and support,” she added.
Me Bank was acquired by Banks for Queensland last year for $1.33 billion.
Managing director and CEO George Frazis said at the time of the merger: “This is a defining acquisition in our ongoing transformation of BOQ, benefitting our shareholders, customers, and people.
“Critically, ME Bank delivers material scale, broadly doubles our Retail bank, and provides geographic diversification. The ME Bank brand is also a great fit with the BOQ and Virgin Money brands, creating customer-centric alternatives in Australia.
“It is an exciting day to see two strategically and culturally-aligned businesses come together and we look forward to continuing to build ME Bank’s strong brand, accelerate growth and create new opportunities for our people and the Group.
“We are on track with our strategic transformation and we anticipate that the combination of the two businesses will enable us to accelerate our digital strategy towards a cloud based common digital Retail bank technology platform,” he added.