(ATR) Lloyds TSB, the fifth biggest bank in the United Kingdom, is poised to become the first national sponsor of the 2012 Olympics, sources tell Around the Rings.
A source close to negotiations said a deal should be completed soon between the bank and London 2012.
LOCOG aims to raise up to $1.5 billion through domestic sponsorship, which, like the Lloyd?s sponsorship, is record-setting.
Lloyds is thought to have prevailed over bids from rivals HSBC, Bank of America and Citigroup.
A spokeswoman for London 2012 declined to comment, though she stressed that no deal has been signed.
"It is important to remember that the tender is still open and so nothing has been finalized. We are still on target to make an announcement by March."
Last month The Independent newspaper reported that Barclays, LOCOG's main lender, had chosen not to bid in light of its $120 million-plus endorsement of Premier League football.
According to Marketing magazine, the reported deal reflects a more decisive strategy at Lloyds TSB, following a high turnover of personnel. Nigel Gilbert, who joined as marketing director from electronics giant Lowe last October, is thought to have been involved in talks with LOCOG.
A spokeswoman for Lloyds TSB would not confirm reports about the Olympic sponsorship. The bank gives one per cent of profits to charity but does not currently sponsor sport or the arts.
"As the UK's largest bank [by numbers of customers] we get approached with all sorts of sponsorship opportunities" she said.
Lloyds TSB is the fifth-ranked bank in the U.K. measured by assets. The company is not related to the insurance brokerage Lloyd's of London.
LOCOG's sponsorship negotiations have been led by commercial director
Chris Townsend, who had hoped to clinch an initial deal worth $195 million. The bank sponsorship is set to pave the way for a number of similar deals in the automobile, telecommunications and utilities sectors in coming months.
Your best source of news about the 2012 Olympics is www.aroundtherings.com, for subscribers only.
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