Financial services outfit UBS is to become a global partner of F1 in a deal which will be formally launched during the Singapore Grand Prix weekend next month.
UBS has conducted comprehensive evaluation of the commercial benefits of a number of sponsorship opportunities and has decided that F1 provides a large global reach that includes a number of growth markets.
"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."
Commercial rights holder Bernie Ecclestone also welcomed the announcement.
“UBS is a global company where performance, teamwork and superior execution are integral to their clients' success,” he said. “These values complement those of Formula 1 and I'm delighted to welcome UBS to Formula 1.”