Swiss private bank Julius Baer said on Friday that "it will be the exclusive global sponsor for the world's first all-electric car racing series, setting itself apart from bigger rivals which spend vast sums for Formula One cachet," according to Katharina Bart of REUTERS. While F1 "relies heavily on the glamour of Ferrari and tracks in Monaco and Monza," Formula E is aimed at a younger audience, has women racers and will race in city centers, over shorter distances and with very different cars.
Banks like Baer and UBS "rely heavily on sponsoring cultural and sporting events as perks for their well-heeled clientele, and as a platform to entertain prospective clients." Experts said that "this is a sensible move." Aite Group consultant Stephen Wall said, "Julius Baer has chosen something that is new and fresher, and a development that is
international, far more eco-friendly and futurist than other motorsports." It would benefit Baer by "attracting new clients, different types of clients perhaps, and of course the next generation of clients" (
REUTERS, 9/12).
