Bank Credit Suisse has announced it is terminating its sponsorship of Formula One team BMW Sauber, having sponsored the team since 2001.
Switzerland's second-biggest bank paid an estimated €17 million a season for its logo on Sauber cars and drivers, the contract for which ended last year. The bank said it was choosing instead to concentrate on sponsoring regional events and institutions.
“The team is on the right track. Therefore, this is the right time to say farewell,” Credit Suisse spokesman Matthias Friedli told the Swiss Sunday newspaper SonntagsBlick.
BMW Sauber are due to unveil their 2009 car today having had a successful 2008 season winning its first race and finishing third overall, 55 points clear of Renault in fourth.
