ZURICH, Switzerland — Swiss bank Credit Suisse Group is stopping its sponsorship of Formula One team BMW Sauber.

Switzerland's second biggest bank said Monday it decided against renewing a contract that ended last year.

Credit Suisse had sponsored the team since 2001, sticking with the Swiss Sauber team when it was taken over by German automaker BMW in 2005.

Credit Suisse said it was concentrating now on sponsoring regional events and institutions, instead of international ones. It cited its past support of the New York Philharmonic and the National Gallery in London.

BMW Sauber won its first race last year at the Canadian Grand Prix, with Robert Kubica crossing the line ahead of teammate Nick Heidfeld. The team finished the season third behind Ferrari and McLaren-Mercedes.