Magazine article Marketing

Abbey to Put [Pounds]15m into Online Spin-Off Cahoot

Magazine article Marketing

Abbey to Put [Pounds]15m into Online Spin-Off Cahoot

Article excerpt

Abbey National is to plough [pounds]15m into marketing the launch of online banking off-shoot,, in an effort to attract one million customers in its first 12 months

The investment is [pounds]5m more than expected and nearly double the budget that rival Prudential spent on launching its online bank, Egg, in 1998. The through-the-line campaign is expected to kick off in late-May.

Cahoot has brought in Deborah Cutler, previously Safeway's brand controller, to head brand marketing. She will oversee what is expected to be a fierce head-to-head battle with Egg. She will report to Cahoot's marketing business director, Tim Sawyer.

"To succeed in the dotcom world, you have to be prepared to put your money where your mouth is," said Sawyer.

Cahoot this week hired WWAV Rapp Collins, which already handles Abbey's direct marketing, for its [pounds]2m DM account, WWAV won the work in a competitive pitch against Euro RSCG Direct.

Euro RSCG Wnek Gosper was appointed in December (Marketing, December 16) to handle the advertising element, which will include a [pounds]1m online campaign.

At launch, Cahoot will offer a discount credit card and current account and will be linked to Abbey National's ATM network. …

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