From GMM

Formula 1 team BMW-Sauber will farewell long-time sponsor and commercial partner Crédit Suisse, a Swiss bank, at the end of the 2008 season.

It was reported earlier this year that prominent backer Crédit Suisse, which entered the sport with Peter Sauber's then independent squad eight years ago, does not intend to renew the alliance beyond this season.

It is now being reported by motorsport-total.com that team boss Mario Theissen confirmed the news on the verge of Sunday's European grand prix at Valencia.

The German portal also said Crédit Suisse's minority shareholding in the Hinwil based squad will be taken up by Peter Sauber, whose own interest will rise to 20 per cent.

BMW owns the remaining 80 per cent.