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PNC Bank makes move into sports sponsorship with Nascar deal

US financial services company PNC Bank has agreed its first major sports sponsorship through a deal with North American stock car-racing series Nascar.

The five-year agreement commences immediately and designates PNC as the official bank and official wealth management partner of Nascar.

The agreement provides PNC exclusive status and promotional rights around retail, corporate and private banking across the United States and US military bases abroad. PNC will be present at key Nascar races throughout each season and offer its services to the industry.

Today’s (Friday’s) announcement signals another step in an ongoing effort to establish a stronger national PNC brand, even in markets without a retail branch presence.

Last year, PNC said it was forming a national digital retail strategy. Since 2016, the bank announced the opening of expansion markets focused primarily on middle market corporate lending in Dallas-Ft. Worth, Kansas City, the Twin Cities, Nashville, Denver, Houston and the Port Cities market of Jacksonville, Savannah and Charleston.

“As we continue to focus on establishing a more powerful national presence, PNC’s new alliance with Nascar will open more avenues to build on our brand and business coast-to-coast,” PNC chairman, president and chief executive, William S. Demchak, said. “Nascar is a storied part of Americana that built a national fan base. Millions of Americans say they are Nascar fans, and so are we.”

Announced during the Nascar Fuel for Business Council meetings in Charlotte, North Carolina, the agreement is PNC’s first with a sports league. PNC joins the Nascar Fuel for Business Council, bringing together an exclusive group of more than 50 official Nascar partners to buy and sell products and services from one another.