London 2012 blog

We were delighted to announce Lloyds TSB as our first domestic partner for the Games today.

As the official Banking Partner, Lloyds TSB now has exclusive access to the British Olympic and Paralympic teams between now and 2012 and will benefit from exclusive marketing rights.

The announcement is indicative of the progress we have already made and will continue to make on the Games. Signing domestic partners is of course vital to us as it provides part of the £2bn cost of staging the Games, as well as personnel, technology, infrastructure and other essential services.

But, of course, our partners - and we're clear that they are partners, not just traditional 'sponsors' - will themselves reap the rewards of being part of the project.

The Games are the biggest show on earth. They will generate sporting, social, economic and community benefits for the whole of the UK.

As such, they are an opportunity for organisations to achieve market differentiation, increased sales and productivity, new customers, improved community relationships, better staff recruitment and retention...and much more.

We're delighted that Lloyds TSB have come on board with this, recognising these immense benefits. We will work closely with them over the next five years to maximise their involvement.

The Lloyds TSB team understand our vision for London 2012 and will focus on both youth and increasing community engagement in sport through the wide range of projects and programmes we put in place.

As has worked so successfully with partners at previous Games, they will be integrating the partnership into all aspects of their business.

In so doing they will help us to leave a lasting legacy, transforming the lives of young people around the UK.

Announcing the partnership, Seb Coe (left) and Chairman of Lloyds TSB Sir Victor Blank (right) met Dame Mary Glen-Haig, 88, who competed in the 1948 London Games in Fencing and Louis Smith, 17, a pommel horse gymnast hoping to compete in the 2012 Games: