The banking group UBS of Switzerland has agreed to a sponsorship deal with the Formula One racing to become its global partner. But the full details of the deal are not disclosed yet and it would be revealed at the Singapore Grand Prix at the last week of September.

According to UBS, it would be benefited from the sponsorship in two ways that are hospitality for its major clients and for building brand in various regions.

After the deal, UBS became the fourth global partner of the Formula One, the other brands before UBS are the German company DHL, electronic giant LG of South Korea and the German insurance firm Allianz. All of the brands are displayed at the Formula One race.

The validity of the sponsorship deal is yet to be decided by the two parties. UBS is very happy that its brand name will be displayed at the Formula One races. According to the officials of UBS, this sponsorship is most suitable for the bank, which has plans to expand their business in Latin America, Middle East and in Asia.