UBS AG (UBS) said Monday it will sponsor Formula 1 racing from the Singapore Grand Prix later this month, part of its new branding push.
Zurich-based UBS, Switzerland’s biggest bank, said it will become a so-called global partner. Terms of the deal were not disclosed.
The cost of sponsoring the sport is likely to have fallen in recent years as financial crisis and recession have hit corporate marketing budgets.
“UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense,” group chief executive Oswald Grubel said. “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.”
UBS’s main rival Credit Suisse Group pulled its sponsorship of Formula One team BMW Sauber last year.