The deal, which had been widely speculated, was officially confirmed during a ceremony at KEB Hana Bank's headquarters in Seoul.

It has been reported that the bank will offer ₩11 billion (£7.7 million/$9.6 million/€9 million) in sponsorship money.

This figure is below the ₩15 billion (£10.4 million/$13.1 million/€12.3 million) sum Pyeongchang 2018 had hoped for from its top banking partner, however.

According to Yonhap, KEB Hana Bank was chosen in front of two other interested parties in an open bidding process.

The bank will be tasked with overseeing transactions surrounding the first-ever Winter Olympics and Paralympics to be held in South Korea, including ticket sales.

It will also set up branches across the Olympic venues to serve participating athletes, officials and spectators, and will benefit from an array of marketing rights, including the use of intellectual property and the Pyeongchang 2018 logo in their advertising campaigns.

The announcement of the deal represents a boost to the Organising Committee, which had struggled to secure a sponsor from the financial sector following the corruption scandal which has engulfed the country in recent months.

Pyeongchang 2018 were forced to postpone the announcement of a main banking partner as a result, while the start of ticket sales was pushed back to February from last October.

Today's news comes after two companies recently signed on as official supporters of the event.

Pyeongchang 2018 penned an agreement with Noodle Lovers before rice company Cheorwon Odae-ssal also became a partner of next year's Games.

Cheorwon Odae-ssal were attributed to the "packaged raw rice" category, while Noodle Lovers were placed in the "packaged pasta/noodles and noodle sauce" category.

Pyeongchang 2018 President Lee Hee-beom said following the recent visit of the International Olympic Committee Coordination Commission that they were hoping to receive more support from sponsors and from the Korean National Assembly.