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Pyeongchang 2018 secures banking partner – report

The Pyeongchang Organising Committee for the 2018 Olympic and Paralympic winter Games (POCOG) has agreed a sponsorship deal with financial services company KEB Hana Bank, according to Yonhap.

The Korean news agency, citing a senior Olympic official, said POCOG has selected KEB Hana Bank as its main banking partner for next year’s Games.

The bank will reportedly offer KRW11bn (€9.1m/$9.7m) as a sponsorship fee. According to Yonhap, POCOG had previously been seeking a fee of KRW15bn from its main banking partner.

Yonhap said POCOG selected KEB Hana Bank as its preferred negotiating partner two months ago, with the company having seen off two other firms in an open bid process.

KEB Hana Bank will oversee ticket sales for next year’s Games, which run from February 9-25. Yonhap said the failure to secure a banking partner had resulted in the postponement of the start of the ticket sales process from last October to February.

The partnership is set to be officially unveiled on April 18.