[THE INVESTOR] Organizers of the 2018 PyeongChang Winter Games on April 18 signed KEB Hana Bank as their main banking partner.

The two sides recently wrapped up their negotiations that began in February and announced their deal.

The bank will reportedly sponsor 11 billion won (US$9.7 million), though organizers had earlier said they sought 15 billion won from its top banking partner.

KEB Hana Bank was picked as the preferred negotiating partner two months ago, beating out two candidates in an open bid.

As the main banking partner for the first Winter Olympics to be held in South Korea, KEB Hana Bank will handle ticket sales, among other transactions. The bank will set up branches across the Olympic venues to serve participating athletes, officials and spectators.

As the top banking partner, KEB Hana Bank will enjoy a wide range of marketing rights, including the use of intellectual property and of PyeongChang’s logo in their advertising campaigns.

By Alex Lee and newswires (alexlee@heraldcorp.com)