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

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.

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

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