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Rio 2016 Signs Up Bank as First Local Sponsor
RIO DE JANEIRO (AP) -- Brazilian bank Bradesco is the first local sponsor for the 2016 Rio Olympics.

The organizing committee says the private bank will be allowed to associate its brand with the Rio Olympics beginning next year in Brazil.

The official value of the sponsorship was not announced, but the organizing committee says the minimum value in the finance and insurance services category is $320 million.

Rio 2016 Committee CEO Leonardo Gryner says ``Bradesco submitted the best proposal, which includes projects that support the development of the Brazilian Olympic sports and the promotion of the Rio 2016 Olympic Games in the country.''

(Copyright 2010 by The Associated Press. All Rights Reserved.)
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