OCBC Bank Reaches 15-Year, $50M Naming Rights Deal With Singapore Sports Hub
OCBC Bank has "been announced as the largest sponsorship partner of the Singapore Sports Hub," a deal that will see it secure naming rights to various facilities -- besides the National Stadium and the Singapore Indoor Stadium -- within the 35-hectare hub, according to May Chen of the STRAITS TIMES. The deal, inked on Monday morning, is in excess of $50M. The 15-year contract will see OCBC "own naming rights to the multi-purpose indoor arena, aquatic centre, the National Stadium Club Lounge at the north and south wings of the National Stadium, and the VIP lounge in the Singapore Indoor Stadium." An in-principle agreement for a "significant partnership" has also been reached with OCBC Bank's insurance subsidiary, Great Eastern Holdings. The opening up of sports facilities to "commercial branding is a first for Singapore, although it has been a common practice in more established markets like the United States and Britain." The $1.33B Sports Hub is "scheduled to be completed by April next year" (STRAITS TIMES, 11/11).