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Johannesburg - Standard Bank Group [JSE:SBK] will end its sponsorships with Cricket South Africa (CSA), and soccer teams Kaizer Chiefs and Orlando Pirates when current contracts expire in May 2011.
"Standard Bank Group has elected not to exercise its rights to renew its sports sponsorships agreements," the company said in a statement on Friday.
"In effect, this means the end of a 13 year sponsorship agreement with CSA, and a 10-year partnership with Kaizer Chiefs and Orlando Pirates," it added.
Standard Bank said the move was due to changing business priorities.
"Our marketing and communication efforts support and contribute to Standard Bank Group's business strategy.
"While our sponsorships of soccer and cricket have been extremely valuable in building our brand and engaging with fans, we have had to reassess the costs of these sponsorships and the benefits for Standard Bank in the light of changed business needs," Sarah-Anne Orphanides, Group Marketing and Communications Director said.
She added that this was a difficult decision as significant investments in both soccer and cricket had been made.
"But, we believe that this is a responsible, necessary and prudent decision to ensure that we support our business needs in the best possible way. "
"Standard Bank Group has elected not to exercise its rights to renew its sports sponsorships agreements," the company said in a statement on Friday.
"In effect, this means the end of a 13 year sponsorship agreement with CSA, and a 10-year partnership with Kaizer Chiefs and Orlando Pirates," it added.
Standard Bank said the move was due to changing business priorities.
"Our marketing and communication efforts support and contribute to Standard Bank Group's business strategy.
"While our sponsorships of soccer and cricket have been extremely valuable in building our brand and engaging with fans, we have had to reassess the costs of these sponsorships and the benefits for Standard Bank in the light of changed business needs," Sarah-Anne Orphanides, Group Marketing and Communications Director said.
She added that this was a difficult decision as significant investments in both soccer and cricket had been made.
"But, we believe that this is a responsible, necessary and prudent decision to ensure that we support our business needs in the best possible way. "
