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NAB Break Up campaign ‘undermined’ by rate cuts

Bankwest ad by HostBankwest has launched a tactical press campaign that attacks the rate cuts of rival NAB, the bank behind the award-winning Break Up campaign.

The campaign – created by Host – launches as newspapers including The Sydney Morning Herald rounded on NAB for holding back on rate cuts, a move the Herald wrote “appears to undermine NAB’s multimillion-dollar advertising campaign in which the bank declared it had ‘broken up’ with the other major banks”.

The Bankwest ad uses the headline from the SMH story, ‘NAB cuts rates less than RBA, rivals’.

Today, an article in The Daily Telegraph stated that: “Having cast itself as the ‘more give, less take’ bank, NAB chose to take more and give less this week by keeping five basis points of the 25-basis-point Reserve Bank reduction – in contrast to ANZ, Commonwealth and Westpac, which all passed on the full rate cut.”

NAB Break Up, created by Clemenger BBDO Melbourne, is arguably Australia’s most successful campaign of the year, having won awards such as the PR grand prix at Cannes and two grand prix at Spikes Asia.

NAB CMO Sandra de Castro, who engineered the campaign, had not returned Mumbrella’s calls at press time for comment.

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