• by Steve McClellan  @mp_mcclellan, April 4, 2013

WPP’s Mindshare has retained global media buying and planning duties for banking firm HSBC, the agency confirmed on Thursday.

The client spends an estimated $600 million on ads worldwide.

The decision comes after a comprehensive agency review that began last fall and encompassed both worldwide creative and media assignments. Those assignments had been handled by WPP shops since 2004. JWT served as lead creative agency while Mindshare handled media duties.

Earlier this month, HSBC decided to split creative duties among three agencies, including JWT and sibling Grey, both designated as lead agencies. Publicis Groupe’s Saatchi & Saatchi also received an assignment.

The review was overseen by Chris Clark, group marketing director at HSBC, who is overseeing a repositioning of the bank’s marketing strategy. As part of that repositioning the bank has done away with its longstanding tagline, “The World’s Local Bank.” The bank is also reorganizing its marketing division and reassessing how it allocates spending across media.

A U.S. rep for HSBC said he could not confirm the bank had retained Mindshare. Corporate officials in London were not available.

In 2012, HSBC reported revenue of over $68.3 billion and after-tax profit of more than $15.3 billion.

For Mindshare, it’s the second big win this year. In February, it won the consolidated Lionsgate film and TV studios assignment, with estimated ad spending of over $400 million annually.