Changing business priorities at Standard Bank led to the decision to end its sports sponsorship contracts as part of the effort to improve business efficiencies across the Group.

“Our marketing and communication efforts support and contribute to Standard Bank’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,” said Sarah-Anne Orphanides, Group Marketing and Communications Director.

She adds: “This was a difficult decision as we have made significant investments in both soccer and cricket. But, essentially we believe that this is a responsible, necessary and prudent decision to ensure that we support our business needs in the best possible way.

“Our partnerships with Kaizer Chiefs, Orlando Pirates and CSA have been mutually beneficial and we have enjoyed a long journey with them as their custodians. We are immensely proud of our significant contribution to the development of both soccer and cricket during this time.”

CSA CEO, Gerald Majola, said: “We are grateful to Standard Bank for its loyal support of cricket over the past 13 years. The Bank’s significant investment in the game leaves cricket in a very healthy state.”

Kaizer Chiefs Executive Chairman, Kaizer Motaung, said: “We would like to thank Standard Bank for their appreciation of the value that Kaizer Chiefs has added to Standard Bank. We too are appreciative of their support over the years and wish them the best in their endeavours.”

Orlando Pirates Chairman, Dr Irvin Khoza, said: “I am pleased that we have been able to provide a solution to the marketing challenges of Standard Bank over the many years of our partnership. The Orlando Pirates jersey is an invaluable television billboard to the millions of television viewers and those that interact with our loyal supporters who wear our jersey as part of their statement of belonging. We wish Standard Bank success as it focuses its marketing to the new priority areas of their business.”

Standard Bank’s current contracts with CSA, Kaizer Chiefs and Orlando Pirates will run for another six months. Standard Bank will ensure all properties receive full sponsorship and activation support until expiry in May 2011.