Credit Suisse Committed to F1 Despite Record Loss

Credit Suisse have bucked the trend in Formula One by insisting that they have no plans to withdraw their sponsorship from the Swiss Sauber team.

Credit Suisse Committed to F1 Despite Record Loss

Credit Suisse have bucked the trend in Formula One by insisting that they have no plans to withdraw their sponsorship from the Swiss Sauber team.

Credit Suisse, Switzerland's number two bank, were the main backers of the Hinwil-based Sauber team in the 2002 season, but have a record 2.1 billion Swiss franc ($1.44 billion) third-quarter loss.

Analysts on average had expected a third-quarter net loss at Credit Suisse of close to two billion francs, up from a net loss of 579 million francs in the previous quarter, and a loss of 299 million francs in the July-September period of last year.

Credit Suisse recorded a net loss of $425 million in the quarter as fees dried up in weak markets, worse than the $281 million net loss recorded in the same quarter one year ago.

However, Alexander Fasel, F1 co-ordinator at Credit Suisse, has said that the company have no plans to pull out of the sport and confirmed they will honour their 30 million Swiss francs deal for 2003.

"Peter Sauber must not be anxious about our sponsorship," Fasel told Swiss daily Blick. "We do not want to end the outstanding partnership we have with Sauber in Formula One. It is for us very valuable."

Jordan announced this week that Deutsche Post would not be extending their contract with the Silverstone-based team, while Williams have lost the backing of German brewery company Veltins.

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