Tsehay Bank pens partnership agreement with St. George FC

The agreement was signed during the launching ceremony of Tsehay Bank’s ‘Champions Saving Account’, a product that targets sports clubs and fans in Ethiopia.  

Tsehay Bank’s CEO, Yared Mesfin and President of St. George FC, Abinet G/Meskel signed the groundbreaking partnership agreement at Skylight Hotel in Addis Ababa on 16 September, 2023.

The wide-ranging partnership encompasses financial initiatives and branding opportunities that will benefit St. George FC and its fanbase.

As part of the five-year deal, Tsehay Bank provides initial sponsorship of five million Birr, which increases by 10 percent annually. This funding is believed to assist with player recruitment, talent programs and upgrades; vital facets of the club’s operations.

The agreement states that as fans of St. George FC open ‘Champions Saving Account’, the club will directly get 10 Birr form the initial deposit of the stated customers. The club will also get additional 1 per cent deposit interest from those ‘Champions Saving Account’ beneficiaries of the Bank.

Tsehay Bank also offered St. George FC with access to a 40 million Birr long-term loan with low interest rate for developing training facilities, crucial for longstanding success and development of Ethiopia’s oldest club.

“The agreement will enable St. George FC to build financial sustainability and become successful on the pitch” Tsehay Bank CEO, Yared Mesfin said.

Key to the agreement, Tsehay Bank will streamline club operations such as membership fees of fans. Players and staff will also have salary accounts through Tsehay Bank. The Bank’s branches will also sell match tickets and club merchandise, like the club’s iconic shirts and scarves.

“The agreement will have multi benefits to both companies. Tsehay Bank will be able to sale its brand and services through the Club’s social media pages, weekly newspaper, and radio program” President of St. George FC, Abinet G/Meskel noted.