The European Union of Gymnastics (UEG) has announced it has renewed its partnership with Azerbaijan's Kapital Bank for another year after the two organisations agreed an extension here today.

The deal was signed by UEG President Georges Guelzec and Kapital Bank chief executive Rovshan Allahvediyev.

Under the extended partnership, which began in 2013, the Azerbaijani bank will have their brand name associated with the UEG calendar of events, which are widely distributed on channels across the continent due to agreements signed with the European Broadcasting Union.

They are also an official partner of the UEG and the agreement became effective on May 1 this year.

It is hoped the deal will help European gymnastics’ governing body continue to fund its development projects among its 48 affiliated Member Federations, aimed at enhancing the sport in Europe.

Kapital Bank, an official partner of Baku 2015, were founded in 1847 and have 89 branches across Azerbaijan.

Five gymnastics disciplines were showcased across eight days of competition at Baku 2015
Five gymnastics disciplines were showcased across eight days of competition at Baku 2015 ©Getty Images

They are considered one of the market leaders in their industry and when the original deal was signed in 2013, Guelzec said: “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.”

The agreement between the two organisations was signed during the final day of gymnastics competitions at the inaugural European Games.

All five disciplines of the sport - acrobatic, aerobic, rhythmic, artistic and trampoline - have been showcased here over eight intense days of competition.



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