Standard Bank has withdrawn its sponsorship of the Knock-Out Cup effective Friday
In a statement, the bank said it has decided to do so in light of the changes in the macroeconomic environment and all the attendant business challenges, the bank has had to refocus its strategy.
"What has become apparent in recent years is that, it has become increasingly challenging to grow the revenue of the bank at a pace which allows the bank which matches the increase in costs.
"We have been forced by these circumstances to become more introspective about how we think about continuing to build a sustainable business going into the future.
"As a consequence, we have had to take a closer look at our revenue structure and potential, as well as our cost structure, and we have unfortunately found ourselves needing to make some uncomfortable decisions," reads part of the statement.
The statement adds that Standard Bank would like to extend its sincere and immense gratitude to the Football Association of Malawi (FAM) for a solid and fruitful partnership relating to the Knock-Out Cup that dates back to 2007.
"This partnership allowed us to play our part in promoting the social transformation of the youth through sponsorship of the Cup.
"As Standard Bank, we are very proud of our contribution towards football development in the country. It goes without saying that football standards have improved as witnessed by the record number of players that have turned professional."
During the subsistence of the Knock-Out Cup that the Malawi national team, the Flames, qualified for the Africa Cup of Nations in 2010 in Angola; being the second occasion that the team has reached the finals of the continental tournament.
In addition, the Knock-Out Cup has been a medium for uniting fans in the football fraternity and a grand source of pride.
"Standard Bank is, therefore, very pleased to be associated with the positive impact that the Knock-Out Cup has had on the country’s socio-economic development," reads the statement.
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