Guelzec (pictured top, left) signed the new deal with the Azerbaijani bank's deputy chairman Yashar Mammadov (pictured top, right), with UEG vice-president's Ruedi Hediger and Paul Garber and director Kirsi Erofejeff-Engman also present.

"Our union and its 48 member federations is delighted and proud of this partnership, concluded with a renowned and well established bank in a country where gymnastics has a strong tradition," Guelzec said.

"This agreement will allow us to support our projects in the field of development and communication."

Mammadov was also pleased with the agreement, explaining that gymnastics makes "a very interesting partner" for his firm.

"Gymnastics is one of the most important Olympic disciplines enjoying very high viewing figures and an important media impact," he said.

"The European Union of Gymnastics with its eight different disciplines is therefore a very interesting partner for the Kapital Bank."

The agreement will become effective on May 1 this year and will see Kapital Bank join the UEG's other partners, including Gymnova, Janssen Fritsen, Spieth, Eurotramp, Christian Moreau and Cirque du Soleil.

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