BMF has been dropped by CommBank, the ad agency’s parent company Enero has told the ASX.
The move comes after CommBank consolidated its creative work – most of which was previously done by Goodby Silverstein – with M&C Saatchi. BMF had worked on mainly on direct and digital parts of the account.
The update said: “BMF is no longer under a retainer arrangement with the Commonwealth Bank.
“The Commonwealth Bank retainer amount represented approximately 3.21% of net revenue on a continuing business basis for Enero in the financial year ending 30 June 2012 and the project work approximately 1.70% of net revenue on a continuing business basis.
“BMF continues to have a positive relationship with the Commonwealth Bank and the change of contractual arrangements allows BMF to continue to provide project work to the Commonwealth Bank on agreed commercial terms.