OCBC Bank and its subsidiaries as a Group will be the largest sponsorship partner of the Singapore Sports Hub.
The sponsorship has cost OCBC more than SG$50 million, according to a Business Times report. This is a 15 year agreement with the Singapore Sports Hub where OCBC Group will be the largest sponsorship partner of the Singapore Sports Hub, and will be the first sports venue sponsorship for Singapore.
OCBC Bank and its private banking subsidiary, Bank of Singapore, will have naming rights to the following facilities: The Sports Hall, Aquatic Centre, National Stadium Club Lounge at the North Wing, National Stadium, National Stadium Club Lounge at the South Wing, National Stadium and VIP Lounge at Singapore Indoor Stadium.
The facilities will be named OCBC Arena, OCBC Aquatic Centre, OCBC Lounge, Bank of Singapore Lounge and OCBC Premier Suite respectively.
An in-principle agreement for a significant partnership has also been reached with OCBC Bank’s insurance subsidiary, Great Eastern Holdings.
“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,” said Cheong Choong Kong, OCBC Bank’s chairman.
Another factor for the sponsorship was also to give back to society as part of its CSR programme.
“Our sponsorship money will be primarily channelled to fund activities that the community can participate in, activities that are typically not commercially viable for operators to organise,” said Cheong.
Grassroots activities and events ranging from learn-to-play programmes, clinics for communities to try out new sports, or a simple football or basketball game for neighbourhood children could be organised, added Cheong.
OCBC invests regularly in the sports marketing scene, sponsoring the OCBC Cycle in Singapore and Malaysia.