UBS and F1 announce global partnership
23 August, 2010
Aug.23 (YallaF1) Union Bank of Switzerland (UBS) a diversified global financial services company, and Formula 1 announced that they have signed an agreement for UBS to become a global partner of Formula 1. The partnership will be formally launched at the Singapore Grand prix, which runs from 24 to 26 September, 2010.
The agreement follows a comprehensive evaluation by UBS of the commercial benefits of all global sponsorship properties. Formula 1 is a year round, highly visible, and popular sport with an especially strong presence in many of UBS’s key growth markets such as Asia, Middle East and Latin America. The long-term partnership will provide excellent branding and hospitality opportunities that fit with UBS’s global footprint and business strategy. Key benefits of the partnership include;
Global reach: currently 19 events in 18 countries on 4 continents.
- Growth markets: Formula 1 is present and growing strongly in strategically important markets for UBS such as Asia, Middle East and Latin America
- Brand awareness: global television audience in 2009 of more than 520 million people across 187 countries; making Formula 1 one of the most-watched annual sports in the world
- Client entertainment: fascinating opportunities for key client hospitality across the globe
- Year round presence: Formula 1 season lasts eight months of the year
Oswald Grübel, UBS Group Chief Executive, said: “UBS has been searching for a global sponsorship platform that has appeal to our clients, promotes our brand globally and makes good commercial sense. Our new partnership with one of the largest and most popular sporting organizations 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.”
Bernie Ecclestone, Group CEO of Formula 1, said: “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.”
In line with all commercial contracts, the financial terms of the agreement will not be disclosed by UBS or Formula 1. Commercial attractiveness was however a key consideration for UBS and the agreement compares favourably with other forms of brand awareness and client hospitality.