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UBS to continue Art Basel sponsorship

In the throes of crisis, bank states that it will not withdraw its agreement to support Art Basel

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UBS spokesman Ruedi Bürgin has confirmed that the bank will continue to sponsor Art Basel, despite its recent financial troubles. At the end of September the Swiss firm became the biggest victim of the credit turmoil so far when it announced it had written off its fixed-income portfolio by SFr4bn ($3.4bn), mainly due to losses on US sub-prime mortgage-related securities. The firm also announced the axing of 1,500 investment bankers. Art Basel spokesman Peter Vetsch said the firm has committed to three years of sponsorship (to 2008), which will not be affected. Neither Mr Bürgin or Mr Vetsch would disclose the value of UBS’s sponsorship of the fair.

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