Alfa-Bank is the grande dame of Russian lenders. Solid and sober, with an unrivalled 31-year track record, it has traditionally cultivated an image of corporate respectability with sponsorship of book awards, symphony orchestras and stadium gigs by stalwarts such as Elton John.
The problem is that this doesn’t play so well with a younger generation – at least, that is the natural conclusion from the bank’s recent decision to sign up 23-year-old YouTube provocateur and rap superstar Morgenshtern as its “director of youth”.
The appointment is not Alfa’s first association with Morgenshtern. In November, the rapper released a music video in which he visits one of the bank’s branches after dark, is handed a suitcase full of cash and then dances suggestively with the banknotes, three female “tellers” in low-cut tops and a couple of ATMs.
The video apparently achieved its aim, generating 25,000 applications for Alfa’s card
The song’s title – and the bulk of the lyrics – translates as “10 million roubles” ($135,000), which Morgenshtern claims represents his fee from Alfa for the promotion. At the end of the clip, he offers to give 100,000 roubles apiece to 30 people who sign up for Alfa’s card using his link and reinforces the message by swiping the card between the breasts of one of his faux cashiers.
The video apparently achieved its aim, generating 25,000 applications for Alfa’s card. Unfortunately, it also attracted the attention of Russia’s Federal Antimonopoly Service, which alleged that the drinking, rude gestures and objectification of women breached the country’s advertising code. Alfa retorted that it was not an advertisement but the personal opinion of a blogger.
A ruling from the FAS was expected at the end of March but has now been postponed. Perhaps it was reassured by the fact that, by hiring Morgenshtern, Alfa had addressed at least one of its complaints – that the image presented in the video contradicted the real image of the bank’s workers.
