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PyeongChang picks KEB Hana Bank as preferred negotiating partner for Olympic sponsorship

All News 14:34 February 07, 2017

SEOUL, Feb. 7 (Yonhap) -- The organizing committee for the 2018 PyeongChang Winter Games has selected KEB Hana Bank as its preferred negotiating partner for an Olympic sponsorship, a banking industry source said Tuesday.

The source said KEB Hana Bank beat out two candidates in the open bid last week, and it will negotiate the size of the sponsorship deal and other conditions with PyeongChang organizers over the next month or so.

Once the deal is finalized, KEB Hank Bank will be the main banking partner for the first Winter Olympics to take place in South Korea and will handle ticket sales, among other transactions.

PyeongChang had been struggling to secure sponsorship deals from the financial sector in particular, with the recession and the impact of a major political scandal surrounding President Park Geun-hye and her confidante, Choi Soon-sil, making companies reluctant to open their wallets.

When the selection of the main banking partner was delayed, PyeongChang was forced to postpone the start of ticket sales from last October to this week.

The organizing committee had targeted 50 billion won (US$43.7 million) in sponsorships from the financial industry, including 15 billion won from the top banking partner.


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