HSBC has extended its sponsorship of the Women's Champions tournament in Singapore until 2012 but the prize money will be cut from $2 million (£1.2m) to $1.3m (£782,405) for next year's LPGA event.

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The prize pot will, however, go up by a further $100,000 (£60,185) in 2011 and given the negative impact of the economic downturn on sponsorship on the professional women's tour, the LPGA will be delighted to retain a major title sponsor.

"The last 12 months have seen some of the toughest times the world economy has faced in all our living memories," the bank's Singapore Chief Executive Guy Harvey-Samuel said at the $7m (£4.2m) men's HSBC Champions on Saturday.

"It's for that reason that I'm particularly pleased to announce that (we) will be bringing the HSBC Women's Champions back to Singapore for another three years.

"The good news is that, given how many tournaments have struggled in the past year, we have stayed firm behind our commitment to women's golf."

The third version of the HSBC Women's Champions, which includes the top 20 players in the world and winners of LPGA events from the previous two years, will have a reduced field of 63 and take place from February 25-28 next year.