UBS AG said Wednesday its first major advertising push following a Swiss government shore-up in 2008 will cost a low-double-digit million Swiss francs this year, but denied reports the campaign's overall costs will hit 1 billion Swiss francs ($970.8 million) over time.
"We cannot predict how much we will ultimately invest over the next four years. There are no plans that get anywhere near" 1 billion francs, a spokesman for the Zurich bank said in an e-mail to journalists in response to media reports.
Earlier this week, UBS launched an advertising campaign to re-establish confidence in its brand name and mend relations with clients. The new slogan "we will not rest" seeks to reinforce UBS' drive to win back trust, it said. The campaign features personalities such as Neil Armstrong, the first astronaut to walk on the moon, and Swiss-French architect and designer Le Corbusier.
Along with the new ad campaign, UBS said Monday it will begin sponsoring Formula 1 racing later this month at the Singapore Grand Prix.
