Leith and Faulds Bank Standard Life business
Standard Life Bank is to establish a new creative agency structure to reflect its new position in the UK marketplace and to assist in the Bank’s ambitious plans for future growth.
Faulds Advertising and The Leith Agency have been appointed by the Bank to deliver key business development projects, which will include sales channel development and brand development projects respectively. The two agencies replace the current incumbent Draft Worldwide and will work initially on a project-by-project basis.
Faulds Advertising and The Leith Agency were selected from an initial credentials list of nine agencies.
David Macmillan, sales and marketing director at Standard Life Bank, said: “Standard Life Bank is entering a new and exciting stage in its development. Five years ago, our launch strategy proved highly effective. We hit the ground running with competitive savings products and one of the first fully flexible mortgages in the UK. In the last year we have moved from being a niche player in the UK mortgage market into the mainstream, with a broad spectrum of mortgage products now including house purchase, offset and Buy to Let.
“In 2002, our mortgage book grew by 30% and we are well on track to achieve profitability in 2004. But we are not standing still. Our goal is to be a top ten-mortgage lender in the UK within five years.
“With this in mind, we have taken steps to review our agency requirements, bearing in mind that the selection of the right creative agencies is critical to our future success. We have decided to move from a single creative agency and put in place a new agency structure that will allow us to meet ambitious business targets. Faulds Advertising and The Leith Agency have excellent credentials and we believe that they will be pivotal in driving the Bank forward.”
John Rowley, Chief Executive of The Leith Agency said: “Standard Life Bank is an ambitious and innovative organisation. We’re looking forward to getting our teeth into some meaty branding, consumer insight and communication planning projects”.
Dennis Chester, Managing Director of Faulds Advertising added: "This is a unique arrangement, reflecting Standard Life Bank's determination to achieve its ambition to become a top ten UK lender. Faulds is committed to fulfilling our role in working with the Leith Agency to maximise the impact of Standard Life Bank's communications' efforts and spends".