Russian financial services group VTB Bank has extended its partnership with the International Gymnastics Federation (FIG).
VTB Bank, which first teamed up with the FIG in 2009, will remain a top-tier partner of the body during 2016.
Under the agreement, the FIG will receive a $1m (€919,000) donation. The money will be used as developmental funds for the federation’s continental unions.
“This contribution is targeted toward the development of sport on all five continents, which is excellent news for our continental unions,” FIG president Bruno Grandi said.
VTB Bank serves as a top-tier sponsor of the FIG alongside Cirque du Soleil and Longines.