Mar.3 (GMM) The Chinese grand prix has found a new title sponsor.

The Shanghai Daily reports that UBS, the Swiss global financial services company, will be added to the name of the race this year.

The news was confirmed by formula one authorities as well as David Li, head of UBS' Chinese arm.

The Chinese grand prix, held at the imposing Shanghai circuit, has been without a title sponsor for two years after state-owned oil company Sinopec walked away.

Race organisers recently inked a new contract to host the event through 2017.

The Shanghai Daily said UBS will be the naming sponsor throughout that new deal.

Many of the annual grands prix, including those in Turkey, Spain, Canada, Belgium, Japan, Brazil and Korea, do not have naming sponsors.

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