Formula One agrees UBS deal

Swiss bank UBS has signed a deal to become a global partner of Formula One.

The agreement will officially begin at the Singapore Grand Prix in September and F1 hope it will represent a turnaround following the exit of several financial institutions due to the global economic crisis.

Last year Credit Suisse Group ended its sponsorship of constructor BMW Sauber. Dutch-based financial group ING also quit as Renault’s title sponsor in 2009.

UBS refused to reveal how much the deal was worth, but an official statement did say: “commercial attractiveness was a key consideration.”

UBS Group chief executive Oswald Grübel said: “UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense.

“Our new partnership with one of the largest and most popular sporting organisations in the world will fulfil all these criteria, and it constitutes a key element of our newly launched branding activities. The global reach of F1 complements the many local activities we support.”

Formula One’s commercial rights holder Bernie Ecclestone added: “UBS is a global company where performance, teamwork and superior execution are integral to their clients’ success. These values complement those of Formula One and I’m delighted to welcome UBS to Formula One.”