Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
KB Financial to sponsor world badminton tournament in Indonesia
The logo of KB Financial Group Indonesia Masters 2022 tournament hosted by the Badminton World Federation (BWF), from Tuesday to Sunday / Courtesy of KB Financial Group
By Yi Whan-woo
By Yi Whan-woo
KB Financial Group will serve as the title sponsor of an international badminton tournament to be held in Malang, Indonesia, from Tuesday to Sunday, the banking group announced on Monday.
A title sponsor is a patron of an event with the exclusive right to have its name appear in the event title in return for offering money, goods or services.
Accordingly, the aforementioned tournament has been named as KB Financial Group Indonesia Masters 2022 while it was originally called 2022 Indonesia Masters Super 100.
The tournament is a part of a year-long tour hosted by the Badminton World Federation (BWF), badminton's international governing body.
KB Financial Group's title sponsorship comes as it is expanding support for a variety of sports, including golf, rhythmic gymnastics, swimming, short track speed skating and figure skating, as well as athletes of those sports.
The Seoul-based financial services company has been sponsoring badminton since 2016 when it signed a deal to sponsor national badminton teams.
“Under the circumstances, we find it meaningful and pleasant to participate in the BWF tour as a title sponsor,” the company said in a press release.
It added that KB Financial Group Indonesia Masters 2022 is expected to help raise global awareness of the firm's brand.
It pointed out the Indonesian host city of the tournament is where six of its affiliates operate ― KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, KB Capital and KB Data System.
It also pointed out the tournament comes ahead of the 50th anniversary of bilateral relations between Korea and Indonesia next year.
“We'll spare no efforts for international badminton players to show what they got through this week's tournament, and continue to make efforts for badminton to grow on the international stage,” it said.