Cypriot retail broker RoboMarkets said on Tuesday that it is sponsoring women’s volleyball team AEL Limassol.

As a result of the deal, the team is going to be renamed RoboMarkets AEL.

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Founded in 1976, AEL has won the women’s volleyball Championship of Cyprus 29 times. The team has also won the women’s volleyball Cup of Cyprus 28 times and the women’s volleyball Super Cup of Cyprus 13 times.

“We’re very proud that one of the best volleyball teams in Cyprus is named after our company,” said RoboMarkets on their website.

“We support sports teams, which are like-minded and share our values. [The] women from RoboMarkets AEL are very persistent in achieving their goals, hard-working at practice, and ready to support each other at any moment.”

RoboMarkets – king of sports sponsorship in the FX market

This is not the first sports sponsorship deal that RoboMarkets has engaged in.

In July of last year, the foreign exchange and CFD broker said that it was partnering with BC Žalgiris Kaunas – a Lithuanian basketball team based in the eastern European country’s second largest city.

That was followed in April of this year by a sponsorship agreement with BMW M Motorsport. The broker’s logo will be on the front of a car racing in the Deutsche Tourenwagen Masters series.

RoboMarkets also has an ongoing sponsorship agreement with Belarusian Muay Thai fighter Andrei Kulebin. The Minsk-based martial artist is, leaving aside any of the RoboMarkets’ marketing efforts, genuinely considered to be one of the best fighters in the world.

Sports sponsorship has been a common way for brokers to market their services with regulatory strictures in Europe, making it harder for them to bring in clients.

Sports, as varied as football, Formula 1, kickboxing, and polo, have all seen brokerage branding plastered across the various partaking teams’ kits, cars, and horses.