UBS pursues new artistic endeavour

UBS has replaced Deutsche Bank as lead sponsor of the largest art event in Asia - Art Basel in Hong Kong.The "multiyear" deal further solidified UBS's position as the main sponsor of the global Art Basel and extends its support into areas that connect galleries and art scenes worldwide.UBS steps in to replace Deutsche Bank, a Art Basel Hong Kong partner since 2009."We share a passion for art and have been actively supporting cultural and artistic endeavors across the world for many years," Sergio Ermotti, group CEO of UBS, said.The Swiss bank, which has been partner of Global Art Basel for 20 years, has also supported Art Basel's other fairs in Basel, Switzerland and Miami Beach.