24 Aug 2010

F1 signs up a Swiss bank

10:13 am on 24 August 2010

Formula One has signed up the Swiss bank UBS as a global partner in a deal the sport will hope marks a turnaround after the exit of several other financial institutions due to the economic crisis.

No financial details have been made public for a deal that will be presented formally at next month's Singapore Grand Prix.

But Williams chairman Adam Parr, whose own team are losing Britain's bailed-out Royal Bank of Scotland as a major sponsor at the end of the year, says the fact that another major bank is looking to Formula One as its primary global marketing platform is very positive for the sport.

UBS was bailed out by the Swiss government during the financial crisis after massive investments in risky US assets forced it to make more writedowns than any other European bank. But UBS posted strong results earlier this year.