Visa awards $ 600 million account to TBWA Worldwide

Visa Inc. has appointed TBWA Worldwide as its global lead strategic and creative agency following a review of Visa's incumbent agencies. The account is estimated to be worth $600 million. The agency consolidation which takes effect January 1, 2009, is expected to deliver creative synergies and other operating and cost efficiencies to Visa Inc.

"As Visa has evolved into a global public company, we challenged our agency partners around the world to provide a unified approach to our marketing initiatives," said Antonio Lucio, chief marketing officer, Visa Inc.  "This decision reflects the creative strength and innovation of TBWA Worldwide as well as their ability to deliver against Visa's unique brand vision."

In India, Visa is handled by RK Swamy BBDO, another Omnicom owned agency and it will be interesting to see whether this news is likely to affect Visa's relationship with the agency in India. When asked whether this would affect Visa's relationship with RK Swamy in India, Shiv Sethuraman, CEO, TBWA India declined to comment. Srinivasan Swamy, chairman and MD, RK Swamy BBDO did not respond to an email enquiry.

More updates to follow.