A soccer rivalry is brewing between two of Canada’s biggest banks.
Canadian Imperial Bank of Commerce announced Tuesday that it has signed a new sponsorship agreement with Visa for the 2014 FIFA World Cup in Brazil.
Bank of Montreal, meanwhile, is gearing up to make a significant soccer-related announcement later this week, sources say.
Recognizing that soccer is increasingly the ballet of the masses in Canada, the two banks are poised to battle it out over corporate sponsorship of that popular sport.
CIBC’s new deal with Visa, which is in the retail banking category, comes on the heels of its FIFA World Cup broadcast sponsorship earlier this year.
“More Canadians play soccer than any other sport. In 2010 we witnessed the passion and excitement of soccer fans across Canada and worldwide for the FIFA World Cup,” said Stephen Forbes, executive vice-president of marketing, communications and public affairs, in a release.
“CIBC is proud to be able to bring the energy, passion and excitement of the World's Game to Canadians again in 2014.”
CIBC used to be known as Canada’s pre-eminent soccer bank, a designation that BMO has taken great pains to claim in recent years.
On Thursday, BMO is set to make another important announcement in that regard. Sources expect that BMO will extend its sponsorship of soccer to Vancouver Whitecaps FC, which will join major league soccer in 2011.
In addition to partnering with the Canadian Soccer Association, BMO has the naming rights to BMO Field in Toronto and is a sponsor of the Toronto FC among other initiatives.
At the height of its soccer supremacy, CIBC was a “diamond sponsor” of the Canadian Soccer Association. That multi-million dollar deal, however, has since expired.
Nonetheless, CIBC is eager to renew its ties to the sport as it works to increase its share of this country’s personal and commercial banking market.
Sports sponsorships help banks increase their visibility with consumers. Soccer is particularly popular with new immigrants — a growth market for both banks.
Said Forbes: ‘We will again launch an integrated marketing campaign that demonstrates employee pride in CIBC and resonates deeply within Canada's multicultural communities.”
Earlier this year, CIBC held a coast-to-coast tour that was linked to its CBC broadcast deal.
3 comments:
Too bad these two huge corporations werent figting over sponsorship for youth soccer or other vital sports. Imagine if these two banks were fighting for the rights of the fredericton u-10 soccer team. They should spread their money all over soccer programs, not just in elite professional leagues. Thats he problem with sponsorship these days.
Too bad these two huge corporations werent figting over sponsorship for youth soccer or other vital sports. Imagine if these two banks were fighting for the rights of the fredericton u-10 soccer team. They should spread their money all over soccer programs, not just in elite professional leagues. Thats he problem with sponsorship these days.
Looking at the statement "CIBC used to be known as Canada’s pre-eminent soccer bank, a designation that BMO has taken great pains to claim in recent years." I believe that these 2 banks are competing in sponsorship for the sake of publicity. I feel that sponsors nowadays are sponsoring because they want to be known. Correct me if I am wrong, I feel that most sponsors sponsor from a business perspective and not because they believe that a team (say u-10 fredericton soccer) deserves sponsorship or to promote a particular sport.
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