One of Europe’s largest banks, Westdeutsche Landesbank
Girozentrale, (WestLB), has appointed Cubitt Consulting to handle
corporate PR and media relations for three of its divisions on fees
believed to be more than pounds 250,000.
In addition to investment banking arm WestLB Panmure, Cubitt will look
after WestLB’s asset management, global derivatives and fixed income
WestLB Panmure marketing director George Knight, who Cubitt will report
to, confirmed the appointment.
The bank is understood to have considered Citigate Dewe Rogerson and one
other agency for the work, although there was no formal pitch.
Simon Brocklebank-Fowler, who founded Cubitt last year, had been MD at
Citigate before his move. Citigate had held the account for investment
banking firm West Merchant Bank, a division of WestLB.
West Merchant Bank itself was merged with WestLB’s other investment
banking business last autumn, renamed WestLB global emerging
The merger was part of a process of gradual integration of WestLB’s
businesses and following exposure to emerging markets in crisis,
Citigate’s account is understood to have been worth around pounds
150,000 in annual fees initially, although this would have dwindled to
around pounds 50,000 a year by last autumn. Citigate’s contract ended in
December. Brocklebank-Fowler declined to comment.
WestLB is Germany’s largest regional bank. WestLB Panmure employs 1,500
people in London and specialises in six sectors across Europe:
communications, media and entertainment, industrials, life sciences,
transportation, technology, and services and outsourcing.