SHANGHAI - GLOBAL banking giant HSBC said on Saturday it was renewing its sponsorship of the Women's Champions tournament for the next three years, but prize money would be slashed.

The tournament regularly attracts the world's top 10 players but as the global downturn bites, the prize purse will be reduced in 2010 by US$700,000 (S$975,030) to US$1.3 million. It will remain in Singapore until at least 2012.

The USLPGA Tour event, won last year by South Korea's Shin Ji-Yai, has been held twice previously to complement the HSBC Champions, a seven million dollar tournament for men currently under way in Shanghai.

'We are firm in our commitment to women's golf. The tournament will not change,' HSBC Singapore chief executive Guy Harvey-Samuel said in Shanghai.

'Women's golf is a wonderful product and the golfers are superb ambassadors for their sport and we are happy to show our support at a time when they need sponsors like us to stand alongside them.'

The next Women's Champions will be held from February 25-28. As well as golf, HSBC also puts money into rugby and tennis events, but like many financial institutions it has been hit hard by the global economic downturn. -- AFP