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Swiss bank UBS signs global deal with Formula One

London: Swiss bank UBS will become a global partner of Formula One and a formal launch of the deal is scheduled for next month`s Singapore Grand Prix, the two parties announced on Monday.

UBS was bailed out by the Swiss government during the financial crisis after massive investments in risky U.S. assets forced it to make more writedowns than any other European bank, leading to clients withdraw their funds.

The bank said last week they were launching an advertising campaign to woo back clients after posting strong results earlier this year.

"UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense," Chief Executive Oswald Gruebel said in a statement.

"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."

Financial terms of the Formula One agreement were not disclosed.

Formula One has 19 races in 18 countries across four continents this season. The Singapore Grand Prix on Sept 26 will be the 15th round of the championship.

Bureau Report

From Zee News

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