Swiss bank UBS to sponsor Formula One

August 23, 2010

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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