Standard Chartered has agreed a three-year title sponsorship renewal worth $10.5 million for the Standard Chartered Marathon Singapore, local media have reported.

This publication is in contact with the UK-listed bank, which already sponsors Liverpool Football Club, about the matter, and will update in due course with further details.

Standard Chartered Bank, event owner Sport Singapore and event organiser Spectrum Worldwide will continue to run the marquee event until 2016, the publication said.

Neeraj Swaroop, Standard Chartered Bank Singapore's chief executive, said: "Since 2002, Standard Chartered Bank has played a part in nurturing Singapore's passion for running, and together with Sport Singapore and Spectrum Worldwide, we aim to develop the Standard Chartered Marathon Singapore into one of Asia's best."

The sponsorship deal is yet a further example of how banks are backing sporting events worldwide to heighten brand awareness. As citizens in Singapore will be well aware, one of the most prominent examples is UBS, sponsor of Formula One motor racing; other examples include Barclays, sponsor of the English Premier League football programme.