US Edition 
UBS sticks by 'you & us' in Formula 1 sponsorship deal
The last couple of years have seen banks pull back from the high-profile, but expensive sponsorship of Formula 1 motor racing, however UBS appears to have reversed that trend.
In a joint statement yesterday, Oswald Grübel, chief executive of UBS, and Bernie Ecclestone, head of Formual 1, announced a deal under which the Swiss bank will become a global sponsor of the sport.
Details of the deal were being kept underwraps, however two sources with experience of Formula 1 sponsorship packages said it would cost the bank tens of millions pounds a year.
A spokesman for UBS would not comment on how long the arrangement would last for, with the bank saying it had signed a "long-term partnership" with Formula 1.
The cost of sponsoring the sport is likely to have fallen in recent years as financial crisis and recession have hit corporate marketing budgets.
In the past the cost of sponsoring an individual team for a season was about £25m, while supporting just one race could cost between £5m and £20m, according to one former industry marketer.
"UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense," Mr Grübel said.
In recent years, the banking industry's relationship with Formula 1 has been more noteworthy for the firms that have pulled their sponsorship than for new entrants.
Royal Bank of Scotland had been a major sponsor of the sport up until its collapse, while Dutch financial group ING was another to sever its financial ties in the wake of the global banking crisis.
UBS decision to sponsor Formula 1 ties in with the launch of its new "we will not rest" marketing campaign designed by French advertising agency Publicis.
The total cost of the new campaign, which replaces the bank's previous "You & Us" advertising has not been made public, but will not have been cheap.
UBS was one of the largest victims of the financial crisis, losing tens of billions of pounds and requiring a massive injection of state funds by the Swiss authorities to prop it up as its losses grew.