Australia and New Zealand Banking Group Ltd announced on Thursday an agreement with the Shanghai Rolex Masters to become the international banking and finance partner of the tournament over the next five years.

The move aims to further raise the bank's brand awareness in China after it invested 2 billion yuan ($321 million) in May to boost its locally incorporated subsidiary in the country, said Charles Li, ANZ China's chief executive officer.

The sponsorship of the tournament, which is in its fifth year, extends ANZ's association with tennis following its continued successful partnership with the Australian Open Grand Slam, Li said at the announcement in Shanghai.

"ANZ has a long-standing presence in China and this partnership not only reinforces our long-term commitment but also provides a valuable platform to help build our brand awareness across the region," he said. The bank has enjoyed compounded growth rate of around 40 percent in its China business over the past two years. In March, it became the first Australian bank to be fully licensed to offer a wide range of yuan-related products and services to customers in China.

"ANZ has a strong history of supporting tennis in the region and its involvement in the tournament will help ensure that a lasting legacy is left on the sport in China and the broader region," said tournament director Michael Luevano.

The Shanghai Rolex Masters has quickly become one of the preeminent events on the global tennis calendar, reaching a worldwide audience of more than 45 million.