The Swiss bank's renewal of its global sponsorship of the team - announced before the latest race in Singapore - continues a trend of such financial institutions in backing global sporting programmes and teams.

UBS has renewed its partnership with the Mercedes-AMG PETRONAS Formula 1 team, continuing a trend of large banks sponsoring motorsport. The Swiss bank's announcement came ahead of last weekend's Singapore Grand Prix race.

The Zurich-listed bank has been part of the team’s partner family since 2011, during which time the motor racing team has won seven drivers’ and eight constructors’ world championships.

“The partnership reflects our shared values: a commitment to innovation, talent and teamwork, which all drive performance,” Iqbal Khan, co-president UBS Global Wealth Management and president UBS Asia-Pacific, said.

It is fantastic to extend our partnership yet again and we look forward to working together for many more years to come,” Toto Wolff, team principal and CEO of the Mercedes-AMG PETRONAS Formula 1 team, added.

Since Singapore has hosted Formula 1’s first night race in 2008, more than 930 million spectators have watched the racing on this three-mile street circuit that winds its way through the city centre. More than 250,000 fans were expected during the 20 to 22 September event in Singapore.

The involvement of UBS with a top-tier motorsport team is not unique and this publication has mused before about the intersection of sports and banking.

Left to right: George Russell, driver for Mercedes-AMG PETRONAS Formula 1 Team; Iqbal Khan, co-president UBS Global Wealth Management and president UBS Asia-Pacific; Toto Wolff, team principal and CEO of the Mercedes-AMG PETRONAS Formula 1 Team; Lewis Hamilton, driver for Mercedes-AMG PETRONAS Formula 1 Team.