Arun Sudhaman 27 Mar 2014 // 8:06PM GMT
LONDON—The European banking watchdog has called in new communications counsel as regulatory scrutiny of the region's financial institutions increases.
The European Banking Authority (EBA) has hired MHP Communications to oversee the £750k assignment, following a competitive review last year. The London-based body, which was created in response to the 2008 financial crisis, has tasked MHP with overseeing its communications strategy and media activities.
The appointment comes as the EU establishes a banking union, intended to shore up the Eurozone's financial system. As part of the initiative, the European Central Bank has taken on the principal supervisory role, leading to a modified remit for the EBA.
The EBA will continue to conduct periodic stress tests and work towards harmonising banking regulations in the Eurozone. The moves aim to help the region avoid the problems faced in 2008, when struggling cross-border banks played a major role in the financial crisis.
An EBA spokesperson confirmed that MHP had won the tender.