Swiss bank UBS to sponsor Formula One

Swiss bank UBS has signed a long-term deal to sponsor Formula
One.

The bank declines to say how much it is paying to be linked to
the world’s biggest motor sport event.

A statement by the bank says ”commercial attractiveness was
however a key consideration.”

UBS spokeswoman Tatiana Togni says the sponsorship is part of a
larger marketing strategy launched by the Zurich-based bank
Monday.

Its image has suffered in recent years after heavy losses during
the subprime crisis and an embarrassing tax evasion case in the
United States that required Swiss government intervention.

UBS’s main rival, Credit Suisse Group, pulled its sponsorship of
Formula One team BMW Sauber last year.

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