UBS is pushing forward with its Asian brand strategy with the announcement that it is sponsoring the upcoming Formula 1 SingTel Singapore Grand Prix to be held in late September.

Financial details of the deal were not disclosed. The Swiss bank said in a statement that commercial appeal was a key consideration for the sponsorship and meshes well with its brand campaign in the region. The F1 deal was announced in line with UBS' "We will not rest," advertising campaign, which aims to help the company bounce back after its Switzerland counterpart had been embroiled in a tax evasion issue which compelled it to disclose assets of some of its high net worth clients.

"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," Oswald Grubel, UBS group chief executive, said.

UBS is not new to the sponsorship world, having backed the likes of the Montreal Jazz Festival and Art Basel to attract more of the wealthy demographic. Rival Credit Suisse Group used to sponsor Formula One team BMW Sauber but had not renewed this year.