Groupe BPCE has announced that Banques Populaires and Caisses d'Epargne have become official sponsors of the Paris 2024 Torch Relays ©Groupe BPCE

Cooperative banks Banques Populaires and Caisses d'Epargne have been named as official sponsors of the Paris 2024 Olympic and Paralympic Torch Relays.

Groupe BPCE, a major banking group in France that merged Banques Populaires and Caisses d'Epargne in 2009, announced the new sponsorship deal.

Paris 2024 organisers claimed that the agreement would help to "bring this exceptional event to life" with the Olympic Torch Relay expected to begin its route in the "spring of 2024".

Banques Populaires and Caisses d'Epargne are set to be involved in promoting the two Torch Relays in cooperation with the Partis 2024 Organising Committee and local stakeholders.

Paris 2024 President Tony Estanguet has said he hopes that the Torch Relays will shine a light on the
Paris 2024 President Tony Estanguet has said he hopes that the Torch Relays will shine a light on the "richness and diversity of our country" ©Getty Images

They are also expected to contribute to the sporting and cultural events that will mark each stage of the Torch Relays.

According to Paris 2024, the routes will be announced in the "third quarter of 2023".

"The Paris 2024 Olympic Torch Relay and Paris 2024 Paralympic Torch Relay take place once every hundred years in our country," said Paris 2024 President Tony Estanguet.

"A unique moment that will give millions of French people a taste of our Games.

"As the first premium partner of Paris 2024, involved in the project from the outset, Groupe BPCE is now joining the relay adventure.

"Groupe BPCE will work alongside us to make the Paris 2024 Olympic Torch Relay and Paris 2024 Paralympic Torch Relay a festive and popular event that will involve French people living beyond the cities that will host the competitions, by highlighting the richness and diversity of our country."

Estanguet has defended the cost to French Departments of hosting the Olympic Torch Relay following reports that several indicated they will not take part due to the expense.

Last December, Paris 2024, in collaboration with the Assembly of French Departments, called on all 101 French Departments to host legs of the Relay, with each being due to pay €150,000 (£125,300/$168,000) to do so, L’Equipe reports.

But a number of Department heads, including from Creuse, the second-least populated Department in France, have said this is too high a price.

The Paris 2024 Board of Directors approved the core principles of the Torch Relay programme, which has been defined following consultation with stakeholders and local Government associations.

According to Paris 2024, the route will be determined by three objectives, with these being "enabling the participation of as many French people as possible", "showcasing France, its regions, heritage and savoir-faire" and "promoting the role of sport in society".

Paris is due to stage the Olympics from July 26 to August 11 in 2024, followed by the Paralympics from August 28 to September 8.