Westpac Ends BMF Partnership After One Year, Shifts to Project Model

Australian bank Westpac has ended its creative agency relationship with BMF roughly one year after appointing the firm, with Droga5 ANZ now working with the bank on projects, Mumbrella reported.

A One-Year Tenure Ends Abruptly

BMF was named Westpac's strategic creative and brand agency of record in February 2025, replacing DDB after a 10-year relationship. The Enero Group-owned agency launched the "It Takes a Little Westpac" brand platform and the "Double You" campaign before the partnership concluded.

The Enero-owned agency confirmed it had "stepped away" from Westpac six weeks after its retainer contract ended. Westpac subsequently moved to a project-based model, bringing multiple agencies onto its roster rather than maintaining a single agency of record.

"We're proud of what we've achieved with Westpac, including the launch of its new brand platform," BMF said in a public statement.

Westpac later clarified its position directly: "As part of a regular review of our agency roster and ways of working, we've made the decision not to continue our partnership with BMF."

New CMO, New Agency Preferences

The split followed the arrival of Michelle Klein as Westpac's chief growth and marketing officer in late 2024. Klein previously worked with Droga5 ANZ at IAG before joining Westpac. Droga5, owned by Accenture, has since begun working with the bank on projects.

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According to Mumbrella, BMF was unaware Westpac was working with Droga5 until recently. The development produced three distinct public statements from both parties, with contradictory accounts of who initiated the separation.

The transition also coincided with the earlier departure of CMO Annabel Fribence and the redundancy of approximately 30 in-house media roles at Westpac, pointing to broader organizational restructuring at the bank.

Retainer Contracts Giving Way to Project Work

The Westpac case illustrates a documented pattern in financial services: incoming marketing leaders resetting inherited agency relationships and replacing long-term retainer contracts with project-by-project arrangements.

Droga5's parent company, Accenture, already holds a long-term relationship with Westpac. As banks integrate marketing more closely with digital transformation and data platforms, agencies backed by large consulting firms can offer capabilities beyond creative work alone.

Asia-Pacific fintech funding fell 36% in early 2025 to US$9.3 billion, with Australian fintech investment dropping sharply to US$609 million. The cost-conscious environment this reflects makes project-based agency spending, tied directly to deliverables rather than ongoing availability, more attractive to finance and procurement teams.

Background: A Compressed Contract Cycle

DDB held the Westpac account for 10 years before losing it to BMF in early 2025. BMF's tenure lasted approximately 12 months. The agency stated it is "re-focusing our talent and business where we can deliver the greatest impact."

Westpac has not publicly named any agency as a replacement agency of record. The bank's current model involves multiple agencies working on discrete projects, with Droga5 among those now engaged.

BMF referenced new client wins and a strong pipeline in its public statement following the separation.