EFG International, the Zurich-headquartered
global private banking group, has signed a deal with the Renault
Formula 1 (F1) motor racing team for the remaining races of the
2010 season.
The logo of EFG Bank, a private banking
subsidiary of EFG International, will appear on the Renualt F1
R30.
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Keith Gapp, EFG International’s head of
strategic marketing and communications, said the deal builds on its
strong focus on motor racing with “the cutting edge and excitement
of F1”.
The bank did not reveal how much the deal was
worth but Gapp told PBI it is in keeping with the bank’s
“value for money approach”.
“I think that our approach is a distinctive one,
and while we have more activities than most of our peers our
marketing spend is well below the sector average,” he said.
EFG revealed write downs of nearly CHF860m
($816.7m) in its first half results as investments in three
specialised product businesses, Marble Bar Asset Management, CM
Advisors and DSAM turned sour.
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By GlobalDataGapp said the write downs were a “conservative
decision” which does not impact capital or cashflow. “The
fundamentals of the business remain strong and the core business
remains profitable,” he said.
He added that marketing “naturally” supports the
development of the business and drew on the bank’s strong
performance in boosting net new assets.
Net new assets from private clients were
CHF6.3bn in the first half of 2010, up 16% from the year-ago period
on an annualised basis.
Separately, Swiss-based UBS last week signed one
of the biggest motoring sponsorship deals of the year, teaming up
with the organisers of motor racing’s (F1) championship.
UBS is battling to restore its battered image
after a worrying outflow of client assets in the past 18 months. It
has also had to wrangle with US authorities over the tax
information of 4,450 US clients.
