Troubled Brit bank to honour deal with Sachin
London: The Royal Bank of Scotland has decided to honour its $200 million pound contract with top sportspersons, including Indian cricketer Sachin Tendulkar.
The Sunday Times newspaper has reported that the bank, under its former chief executive Sir Fred Goodwin, spent £200 million on sponsorship deals with sports stars like Tendulkar, golfing legend Jack Nicklaus and former world Formula One champion Jackie Stewart.
This sponsorship deals were signed though suffered the bank a loss of £28 billion last year and had to be bailed out by the British government.
''Royal Bank of Scotland (RBS), bailed out with billions of pounds of taxpayers money, hired top sports stars on 'reckless' contracts to entertain clients as part of a 200 million pound sponsorship binge,'' a leading daily here, the daily reported.
According to the daily, Goodwin approved the sponsorship contracts just weeks before he was ousted last October.
''Sachin Tendulkar, the Indian cricket hero, signed a five-year deal just weeks before Goodwin was ousted,'' it added. The bank said it was obliged to honour deals with the sport stars agreed under Goodwin.
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