FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) said on Wednesday that it had won a deal to sponsor the local soccer team, Eintracht Frankfurt, as the German lender focuses more on its domestic market.
The deal is a blow to rival Commerzbank (DE:CBKG), whose name and logo have graced Eintracht's home stadium for more than a decade.
Deutsche Bank and Commerzbank, both based in Frankfurt, last year ditched talks to merge. Deutsche, in the midst of a strategic overhaul and years of losses, has reduced its global footprint to focus more on its European and German markets.
The home stadium will be renamed "Deutsche Bank Park", and the contract will last for seven years, with an option to extend, Deutsche said.
Deutsche said it and Eintracht they would disclose details of the partnership at a later point in time, instead focusing on the coronavirus crisis for now.
Commerzbank confirmed that it would not extend its sponsorship deal.