Credit Suisse confirms BMW-Sauber exit

(GMM) Following months of speculation, the Swiss bank Credit Suisse has finally confirmed it is pulling out as a major backer of the BMW-Sauber formula one team.

It had been suggested throughout last year that the bank intended to withdraw its long sponsorship and minority shareholding, dating back to the team's privateer days with Peter Sauber, at the end of 2008.

It was rumored that the reason was the departure as Credit Suisse's CEO of F1 fan Oswald Grubel, who was replaced by Brady W. Dougan.

"The team is on the right track. Therefore, this is the right time to say farewell," spokesman Matthias Friedli told the Swiss Sunday newspaper SonntagsBlick.

Grubel said he was "disappointed" by the news.

The Credit Suisse deal was estimated at 17 million euros per season.