The sponsorship, reportedly worth £80 million, is effective immediately, giving the Lloyds TSB Group exclusive access and category marketing rights to Team GB and Paralympic GB for Beijing 2008 and Vancouver 2010, as well as exclusive category marketing rights for London 2012, including use of the new London 2012 brandmark which will be launched later this year.

 

Lloyds TSB will also work with London 2012 on the sale and distribution of tickets for the Olympic Games and Paralympic Games when they go on sale in 2011.

 

Sir Victor Blank, Chairman, Lloyds TSB Group, said: "We are very proud to be the first organisation to become a domestic partner of the London 2012 Games which will probably be the most important event to take place in Britain in our lifetime. 

 

"We share LOCOG's excitement and vision as we embark on this journey. 

 

"Over the next five years, we will work with our staff, our customers and our local communities to help make 2012 the most inspiring Games ever."

 

Commenting on the partnership with Lloyds TSB, London 2012 chairman Sebastian Coe stressed the vital role that partner companies will play in providing the £2 billion in cash and essential goods, services, infrastructure, technology and personnel to stage the Games.

 

"As an athlete, my parents were my sponsors and I could not have competed without their support. In a similar way, we cannot stage the Games in 2012 without the support of partner companies and I am delighted to welcome Lloyds TSB to the Olympic and Paralympic Family," he said. 

 

"It is a milestone moment in the history of the Games, and we couldn't wish for a better first partner to join us on the journey to London 2012. 

 

"Lloyds TSB is a great British company, with a strong presence throughout the country, and their support will help us deliver a Games that engages and inspires the whole nation and leaves a truly lasting and sustainable legacy."

 

Eric Daniels, the chief executive of Lloyds TSB Group, said: “The 2012 Games represent a unique opportunity to create a lasting legacy for sport and youth in this country and we are proud to be associated with it.

 

"Every day, our staff work with customers to help them realise their goals and aspirations, and in many ways, that is what 2012 is all about.

 

"Over the next few years, we will work with local communities to help our athletes achieve their dreams and to inspire young people throughout the UK.”

 

London 2012 chief executive, Paul Deighton, said: "London 2012 is a once in a lifetime opportunity for businesses in the UK to access the powerful benefits associated with staging the Olympic and Paralympic Games. 

 

"The commercial value of a London 2012 partnership will be realised long before the opening ceremony in 2012, and can be sustained as a legacy for decades after the final race is won. 

 

"We look forward to working with Lloyds TSB to stage the best possible Olympic Games and Paralympic Games, inspiring young people and leaving a legacy of new community facilities and benefits for the next generation."

 

Lloyds TSB will use its partnership with London 2012 to involve its customers and the community in the unique excitement of the Games experience.

 

Lloyds TSB will focus on two key areas: youth and bringing the Games to the wider community.

 

A range of partnership programmes in both of these areas will be developed over the coming months. 

 

Using cutting edge technology, LOCOG and Lloyds TSB are working together on a programme of Live Sites, including big screens and performance spaces that will connect communities up and down the country with the Games.

 

Lloyds TSB plans to integrate the sponsorship into all of its businesses and the London 2012 Olympic and Paralympic Games will be closely aligned with its brand campaign, 'For the journey…'. 

 

As the Bank works to helps customers to get to where they want to go in life, so it will be supporting athletes in their quest to fulfil their aspirations.

 

The sponsorship will also complement the Group's existing community-based corporate responsibility programme.

 

Since formation in 1987, the Lloyds TSB Foundations have made grants totalling over £300 million to grass roots charities throughout the UK. 

 

London 2012 is currently in discussions with a number of leading companies that have expressed strong interest and expects to announce its next partnership shortly. 

 

The current ‘live’ Tier One sponsorship categories are utility services, oil and gas, automotive, telecommunications, airlines and sportswear.