F1 inks sponsor deal with Swiss bank UBS

A sponsorship deal between formula one and UBS, the Swiss based global financial services company, was announced on Monday.

UBS is headed by chief executive Oswald Grubel, who previously brought the Swiss bank Credit Suisse to F1, and was a BMW-Sauber board member. "The global reach of F1 complements the many local activities we support," said Grubel.

"UBS is a global company where performance, teamwork and superior execution are integral to their clients’ success. These values complement those of Formula 1™ and I’m delighted to welcome UBS to Formula 1," Ecclestone added.

The deal will be formally launched at the Singapore grand prix next month.