Credit Suisse is to end its sponsorship deal of the BMW Sauber team for the 2009 Formula One season.
A day before the team is due to unveil its new car in Valencia, the Swiss bank revealed that it has elected not to extend the contract it held with the team which ran out at the end of the 2008 campaign.
Credit Suisse had been a sponsor of the Sauber team since 2001 but continued its deal with the team when BMW took control in 2005.
The 2008 season proved to be a successful one for the partnership as BMW emerged as the strongest challenger to McLaren and Ferrari, with Robert Kubica taking victory in the Canadian Grand Prix and remaining in contention for the crown until the closing stages of the season.
However, the Associated Press
has now reported that the Credit Suisse Group has elected to turn its focus away from international sporting events – such as Formula One – and will instead focus on regional events and institutions like London's National Gallery and the New York Philharmonic.