The bank has been a partner of CSA for the past 13 years and had a 10-year partnership with the South African clubs.
“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,” said Group Marketing and Communications Director Sarah-Anne Orphanide.
“This was a difficult decision as we have made significant investments in both soccer and cricket. 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.”
According to South African newspaper Mail & Guardian, Standard Bank’s current deal with the Kaizer Chiefs and the Orland Pirates is understood to be worth about 65 million South African rand ($9 million) to each club over three years.
