HSBC Private Bank has agreed to a "partnership with the golf division of IMG Worldwide," according to Tara Loader Wilkinson of the WALL STREET JOURNAL. The agreement is the "latest step in a five-year plan by HSBC to build up a global golf strategy, culminating in two five-year sponsorship deals with leading events." HSBC will become "title sponsor at the Abu Dhabi Golf Championship next January and at the 2011 British Open in July." It also will become the official patron of the British Open, replacing RBS, which "ended its partnership with the tournament after nine years." The partnership with IMG will allow HSBC Holdings PLC's global private-banking division to "pitch its wealth advisory services to the agency's star-studded roster of athletes, while offering the bank's best clients an opportunity to play in pro-am competitions with the world's elite golfers and attend the most exclusive players' events." A source said HSBC will provide "millions" in sponsorship. An IMG spokesperson indicated that the bank will boost the prize money for the Abu Dhabi Golf Championship by $500,000 to $2.7M. Mark Pannes, Dir of the global sports group at HSBC Private Bank, said that the deal also will "complement the bank's aggressive foray into the Asian high net-worth market" (WSJ.com, 12/12).
Read more at www.sportsbusinessdaily.com »