South African financial institution Standard Bank has signed a deal that will see it sponsor the ICC Champions Trophy cricket tournament, which takes place in South Africa from 22nd September to 5th October.

Standard Bank sponsored the World Twenty20 cricket championship in England earlier this year is already the primary sponsor of the South African national cricket team. The new deal sees the bank join three other local sponsors as well as the ICC's global partners on the Champions Trophy roster.

Clement Motale, director of sponsorships for Standard Bank, said that as a long-term sponsor of the South African One Day International (ODI) team, the bank recognised the stature of the ICC Champions Trophy as one of the premier international 50-over contests outside the ICC Cricket World Cup.

“With Proteas currently ranked as the best ODI team in the world, this event is sure to deliver a feast of cricket to South African fans,” Motale added.

This year's Champions Trophy, which will see a vastly increased prize purse of US$4 million, will feature only the top eight ranked sides in the world – South Africa, Australia, England, India, New Zealand, Pakistan, Sri Lanka and the West Indies. Teams will be divided into two pools of four, with the top two from each pool progressing to the semi-finals stage.