The Industrial and Commercial Bank of China (ICBS) has been confirmed as the latest sponsor of next year’s Asian Games in the Chinese city of Guangzhou. The company – currently the world’s most profitable bank - will be the official banking partner of the Games, which is one of the major international events of 2010.

The news was announced at a special signing ceremony in the city and comes less than a year before the Games begin. The ceremony was attended by Xu Ruisheng, executive deputy secretary general of the local organising committee, and Shi Gang, president of ICBC’s flagship Guangdong branch.

ICBC also secured the rights to sell licensed Asian Games 2010 products through its Chinese network. It has also been, according to the Guangzhou organising committee, “authorised to sell precious metal products of the Games exclusively”.

Event organsiers hope that the bank’s large international network will prove beneficial as it tries to raise the profile of the Asian Games outside China. Xu said he hoped ICBC “will disseminate Guangzhou 2010’s vision ‘Thrilling Games, Harmonious Asia’ among its overseas consumers and ignite their enthusiasm for the Games.”

No financial details were released by either the event or sponsor, though industry sources indicated that 'official banking partner' status may be worth around US$20 million.