Defender Andy Webster sports the new Hearts strip

Ukio Bankas is keen to establish itself in the UK and plans to open an office in Hearts' home city, Edinburgh.

But Hearts chief executive Phil Anderton believes that the deal is also good news for the club.

He pointed out that Romanov had already saved the club's Tynecastle Stadium from sale and steadied its finances.

Anderton said the deal made sense considering the club's new administration had little time to find a sponsor.

"We found ourselves in a difficult position when you consider that, to make the most out of such an agreement, you need many months to negotiate," he told his club's website.

Ukio is keen to get more exposure to potential partners and investors Bank spokesman

"The dramatic season that we have just witnessed at Hearts brought about the most significant changes in history of this great football club.

"Six months ago, the bulldozers were on their way to Tynecastle, the club was heading to Murrayfield - something the supporters were united against - and our financial position gave great cause for concern.

"Since then, Mr Romanov completed the deal to take a 29.9% stake in the club and with his support we cancelled the sale of Tynecastle, secured the future of the club at its spiritual home and have begun establishing our strategic plan for long-term success both on and off the field.

"And this excellent deal is part of that."

A bank spokesman added: "We are looking forward to increase our international business by establishing a presence in the UK market.

"The deal represents the early stages of a pre-establishment awareness campaign by Ukio.

"Edinburgh is a well-known financial centre in the world and Ukio is keen to get more exposure to potential partners and investors.

"The bank is to open a representative office shortly and sees an opportunity to establish a financial services business in the city.