The prodigal son has returned. 'We have come full circle,' says Giles Morgan, the bank's global head of sponsorship, referring to HSBC's return to its rugby roots. After a break of 14 years, the bank is back and, along with old partner Cathay Pacific, will again headline the world-famous Hong Kong Sevens as co-title sponsors.
Both these iconic companies have combined their financial might and high-flying profile to support the world's best-known and most-fun sevens tournament. They were partners from 1980 to 1997, when HSBC didn't renew its contract because of the Asian financial crisis. Now they are all back together in what Morgan describes as a 'happy marriage'.
A couple of years ago, HSBC made a decision to embark on increasing its rugby portfolio - which now includes the Asian Five Nations, Asian Sevens Series, the IRB World Sevens Series, the British and Irish Lions, the Penguins and Waratahs clubs. It was the move to come in as title sponsor of the World Sevens Series which paved the way for a return to Hong Kong with HSBC supplanting Credit Suisse, whose position became untenable.
The question on everyone's lips at the announcement on Wednesday was how much the sponsorship was worth. Hong Kong Rugby Football Union chairman Trevor Gregory jokingly told the media audience' 'If I told you, I would have to kill you'. The union and its partners closely guard these secrets but we believe estimates that the four-year deal is worth up to HK$80 million.
It is believed the bank and the airline each puts in around HK$10 million in cash or kind - in Cathay's case this means free flights for the teams - every year. If this sum - HK$20 million - goes towards the cost of staging the tournament every year, everything else is a bonus for the HKRFU.
While the game locally will benefit hugely by the continued involvement of leading blue-chip companies, the return of HSBC to 'its roots' will also give added weight to the development of rugby in Asia, and indeed the world. It is probably no coincidence the bank decided to get more involved in two major sports, rugby and golf, a couple of years ago. They had seen the lay of the land with the International Olympic Committee deciding in 2009 that rugby sevens and golf would become medal sports from the 2016 Olympic Games.
This has led to title sponsorship of the IRB World Sevens Series as well as the Asian Sevens Series. Both are on the verge of being expanded. The world competition has eight legs and is set to grow to 10 next year. The regional event has two ranking events in Shanghai and Borneo. It is likely a couple more will be added over the next 18 months, with India being mooted as a stopover.