ANZ, one of Australia's Big Four banks, is looking to increase its tennis sponsorships in Asia in the next years as part of the growth strategy for its private banking business, the Australian Financial Review writes.

Based on an interview with Joyce Phillips, chief executive for global wealth and private banking, in the wake of the Shanghai Masters on 11 October 2013, the news service said the bank is expecting to do more events of this nature across the Asian region.

Aside from the 5-year Shanghai Masters deal as "Diamond Sponsor," ANZ also sponsors the Australian Open, which expires at the end of the next tournament in January 2014.

"Tennis works very well for us in terms of raising our brand awareness and is one of the best ways of engaging with our customers in Asia," Phillips was quoted as saying. The CEO also reportedly said that the bank is keen on renegotiating an extension to the Australia deal. The bank has also chosen tennis legend Rod Laver as an ambassador. Laver will be visible in all of ANZ's marketing efforts leading up to January.

According to Brand Finance, ANZ's brand value rose from A$3.1 billion globally in 2010 to around A$5.8 billion at present. The bank attributes a part of this increase to its tennis exposure.

Private banks are not new to sponsoring sporting events in Asia, which many high-profile investors attend. HSBC, for one, has the HSBC Champions, a golf tournament in Shanghai, and the Hong Kong Sevens rugby competition. UBS is also a global partner of Formula 1.