Singapore-headquartered OCBC Bank has been announced as the premier founding partner of the Singapore Sports Hub development in a 15-year deal.
The agreement will result in OCBC becoming the largest sponsorship partner of the S$1.33bn (€786.6m/$1.07bn) Sports Hub, which is scheduled to open in April 2014.
The Straits Times newspaper said that OCBC’s investment is worth in excess of S$50m.
Under the terms of the deal, OCBC will own naming rights to the Sports Hub’s multi-purpose indoor arena, aquatic centre, the National Stadium Club Lounge at the north and south wings of the National Stadium, and the VIP lounge in the Singapore Indoor Stadium.
An in-principle agreement for a “significant partnership” has also been reached with OCBC Bank’s insurance subsidiary, Great Eastern Holdings.
The agreement represents the first sports venue sponsorship for Singapore’s sports and entertainment industry and has been brokered by the World Sport Group agency.
OCBC Bank’s chairman, Dr Cheong Choong Kong, said: “As with other successful companies, our CSR programme is one of giving back to society. Our involvement with the Singapore Sports Hub is part of this programme, but it would be disingenuous of me to claim that CSR is the sole motivator. We cannot deny the immense commercial value of the naming rights and the prominent presence of OCBC in the iconic Sports Hub. When events of international standing are held at and televised from the Sports Hub, as they inevitably will be, the name of OCBC will be visible. This should keep our shareholders happy.”