The bank is understood to be paying $200 million over five years. UBS also sponsors Weltklasse Zurich, the Swiss leg of athletics' Diamond League, and previously backed Swiss billionaire Ernesto Bertarelli's Alinghi sailing team, which won the America's Cup in 2003 and 2007.
Less than a year ago UBS's hometown rival Credit Suisse Group ended its sponsorship of Formula One constructor BMW Sauber. Dutch-based financial group ING also quit as Renault's title sponsor in 2009.
The sponsorship comes as UBS launches its "we will not rest" advertising campaign, aiming to mend relations with clients. UBS's flagship private bank in particular is still leaking wealthy client assets following the subprime mortgage crisis and a lengthy tax dispute with the United States government.
It was also announced the Just Marketing International agency was retained by UBS to provide a range of services including strategic counsel, account management, hospitality and communications disciplines. JMI closely advised and guided UBS on its entry to Formula One.
