WPP Group has won the $600 million [€505m;£340m] global advertising and direct marketing business of banking giant HSBC Holdings.

WPP agencies will handle HSBC's creative, media and direct marketing duties around the world. The win follows a pitch against rival holding companies Interpublic Group and Omnicom Group.

J Walter Thompson will be the lead creative shop, working with Red Cell, Berlin Cameron/Red Cell, Bates Asia and Batey. Advertising will retain the company's slogan, 'The world's local bank'.

"The appointment," said the client, "is a result of a thorough and wide-ranging review of HSBC's previous arrangements and its wish to consolidate its business with one marketing services organisation."

The incumbent on the creative account was Interpublic's Lowe Worldwide.

Data sourced from: Financial Times; additional content by WARC staff