The source claims that the bank and event organizer Locog, which aims to raise GBP750 million in sponsorship money in time for the sporting event, are set to finalize the deal.
Lloyds TSB is thought to have beaten rival competitors including HSBC, Bank of America and Citigroup, which have previously been linked to the deal. The closure of the deal follows the decision by Barclays, Locog’s main lender, to pull out of the bidding in light of its GBP60 million-plus endorsement of Premier League football.
In return for sponsorship, the bank will obtain the privilege of free tickets and hospitality opportunities at the event, in addition to the cachet of calling itself the official sponsor of the Olympics.
Lloyds has declined to comment on the agreement, as has Locog, but stressed that no deal had been finalized.
