Citibank sponsors Netscape portal

US financial services company Citibank has signed a sponsorship deal with Netscape, reported to be worth $40m over the next three years.

The deal involves branding placement on the personal finance channel of Netscape's NetCenter Web portal. Citibank is hoping that it will be able to capture potential customers from the users passing through the portal.

According to US reports, Citibank will pay a minimum up-front sponsorship fee. The rest of the money will only be paid if Netscape can prove the bank is receiving new customers through the portal.

When the sponsorship commences in the autumn NetCenter's personal finance channel will provide links to Citibank's financial services over the Web.

"It doesn't mean that we are turning our backs on banner advertising," said Tom Virden, business development manager for NetCenter Europe. "Each has their place, but now companies that wish to advertise over the Web are starting to look at longer term campaigns."

The deal is in line with Netscape's strategy to switch the portal from business to consumer customers. The sponsorship is currently only running in the US version of the portal and the company has given no hint as to when it will launch similar deals in Europe.