MLB teams and "star players are hot commodities for
banks' marketing units," as "they're a good way for banks to
win over corporate and retail clients," according to Heather
Timmons of BUSINESS WEEK, who examines financial
institutions' MLB sponsorships. Among efforts around team
sponsorships are Chase Manhattan's "eight days of 'fantasy
baseball' this year that allow buttoned-down executives to
play ball" with current and former Yankees and Mets players,
and American National Bank's charity golf outings for
customers and White Sox "greats." While baseball represents
a "tiny fraction" of banks' commercial lending business, the
"promotional value of a link with the game can be enormous."
Fleet Sports Lending Group exec Greg Clark, whose company is
an official MLB sponsor, calls the sport "still the American
pastime." While many banks run programs as part of their
sponsorships for clients to meet players, Timmons writes
that "there's no way to quantify how many corporate clients
are lured in by the chance to rub elbows with baseball
greats." But Chase exec Frank Lourenso said, "I know it
helps." Timmons adds, "Surprisingly, most banks haven't
pushed to snare players as private clients," as the players'
"free-spending habits make some ... poor candidates." So,
"instead, the banks woo the owners." Meanwhile, Timmons
notes, "Just because a bank has signed a spokesman or
sponsored a team, it does not follow that the team is a
corporate customer." Yankees SS Derek Jeter endorses Fleet,
but Chase is the Yankees' banker (BUSINESS WEEK, 9/4).
