HONG KONG, April 3, 2012 - The bank released the following statement:
"Supporting the Future of Golf in Hong Kong
At EFG Bank, we believe in identifying and investing in talent early. Since 2008, we have forged a partnership with the Hong Kong Golf Association (HKGA) to foster young golfing talent. In support of this, we have also formally launched the EFG Bank Young Golfers Foundation in 2010.
The EFG Bank Young Golfers Foundation aims to promote and support the development of young golfers in Hong Kong up to the age of 21. It will support young players competing overseas, provide scholarship schemes, and enable new tournaments to strengthen the base of our younger players. In addition, funding will be available to other organisations active in supporting young golfers in Hong Kong. The Foundation has just announced renewing the sponsorship to HKGA Elite Young Golfer Program for another 3 years with a minimum donation of HKD 3,000,000 between 2012 – 2015.
We are also planning a joint HKGA/Foundation charity golf day, to be held on 30 April 2012, with money raised going towards the activities of the Foundation.
We believe strongly in this initiative, and will also make a significant contribution to it. Indeed, we also ask you to make contributions directly to the Foundation. Every donation will go in its entirety to supporting junior golf, and will be added to the commitment of EFG Bank. Furthermore, the Hong Kong Inland Revenue Department has granted charitable status to the Foundation, meaning that donations are exempt from tax under section 88 of the Inland Revenue Ordinance."