HSBC rules out rescuing Singapore Open

Singapore: HSBC on Wednesday ruled out rescuing the stricken Singapore Open and said they wouldn't sponsor any more tournaments in Asia.

Weeks ahead of the $8.5 million WGC-HSBC Champions in Shanghai, the British bank's sponsorship chief told AFP that it already had a "perfect balance" of golf events in the region.

World Sports Group, promoters of the Singapore Open, said in July the event will go on a hiatus this year and will be held in early 2014. Barclays pulled out its sponsorship last year.

"It is not something we look at because we have a truly world-class golf event (in Singapore) -- the HSBC Women's Champions," Giles Morgan, HSBC's group head of sponsorship and events, told AFP on the sidelines of a sports conference in the city-state.

"Last year 49 out of the top 50 golfers came to that event," Morgan said.

"We don't need to sponsor new golf tournaments. Having one in Singapore and one in Shanghai is a perfect balance for us."

British bank Barclays did not renew its sponsorship of the Singapore Open after last year's $6 million tournament, which was one of the region's richest but struggled to attract a top-quality field.