OCBC pulls plug on Cycle Singapore

SINGAPORE — Homegrown bank OCBC will no longer back the annual Cycle Singapore race, the Republic’s premier cycling event.

Yesterday, TODAY learnt that race organisers Spectrum Worldwide had sent out messages via e-mails and Facebook posts to announce that the next edition of the popular race will take place from April 10 to 12 next year at the F1 Pit Building. However, the OCBC livery was conspicuously missing from the announcements.

The parting of ways, which has yet to be formally announced, was confirmed by Spectrum Worldwide managing director Chris Robb.

“OCBC will not be sponsoring the event moving ahead and we are in the process of talking to potential new partners,” Robb told TODAY last night. “There are a number of interested parties and we look forward to making an exciting announcement in the future.”

It is understood that the split between OCBC Bank and Spectrum Worldwide happened earlier this year after this year’s race ended with the tragic death of one of the riders in an accident.

However, neither party confirmed or denied that the end of the commercial agreement had anything to do with the incident.

OCBC Bank’s head of group corporate communications Koh Ching Ching said OCBC will be working with a new organiser to organise a new event called the OCBC Cycle 2015. But she declined to provide further details as discussions are still ongoing.

First held in 2009, the race, previously known as OCBC Cycle Singapore, had grown in popularity from 5,300 participants in the first year to nearly 12,000 for this year’s race, which was held from March 28 to 30.