The Europe-headquartered bank, which operates in several regions, is sponsoring one of the teams in the "Formula E" series, with the first race set for the end of this month in China.

Liechtenstein-headquartered LGT, the international private bank, has become the new partner of the German Formula E team ABT Schaeffler Audi Sport, a move that sees the European bank join the likes of Switzerland’s Julius Baer in sponsoring the electric car racing series.

The collaboration between LGT and the motoring team will begin with the season opening at the end of October in Beijing. The move is also the first time that LGT has sponsored motor sports.

“Formula E is a highly interesting project. The new racing series stands for progressive thinking and innovative sustainable technologies,” HSH Prince Max von und zu Liechtenstein, LGT's chief executive, said.

Initially, LGT will support the German team ABT Schaeffler Audi Sport, from Kempten in the Allgäu, and its drivers Daniel Abt and Lucas di Grassi, for the next two seasons. 

“Our start in the Formula E Championship last year was a complete success. Our goal at the outset was to win races and to be a serious contender for the championship – we achieved both. With LGT as a sponsor, we now have a further reliable partner by our side, one that shares our values and helps us to build on the successes of the first season,” Hans-Jürgen Abt, CEO ABT Sportsline, said.

The 2015/2016 season begins in Beijing on 24 October and ends with the race in London on 3 July 2016. 

(To see an article about Julius Baer's strategy in supporting the Formula E series, click here.)