Formula 1 Secures Key Banking Partnership After Parting Ways With Ferrari

Saajan Jogia | Sep 4, 2024

Austrian GP - Ferrari / Ferrari Press Image

Formula 1 has announced a multi-year partnership with Spanish bank Santander as the sport's official Retail Banking Partner, set to begin in 2025. This new deal comes as Santander concludes its current sponsorship with Ferrari at the end of this season.

Santander has been associated with Formula 1 since 2006 through various sponsorships with McLaren, Ferrari, and the British Grand Prix. It now takes a step further to strengthen its connection with the premier class of motorsport.

Ferrari recently confirmed the conclusion of its three-year partnership with Santander, which began in 2022. This move clears the way for a new multi-year agreement with the Italian banking institution UniCredit, set to commence in 2025.

Santander's new partnership with F1 will offer fans exclusive content and "activations." Additionally, the bank's branding will be prominently displayed on trackside signage at various race weekends throughout the agreement. As reported by Motorsport.com, Santander's logos will feature on trackside signage in the bank's main markets, namely Brazil, Mexico, the USA, Spain, and the UK, apart from other locations yet to be mentioned.

The official report from Formula 1 stated that the new deal also features Santander’s Openbank, Europe's largest fully digital bank by deposits, which is set to debut in the United States later this year. The sport will leverage its expanding U.S. presence and fanbase to support Openbank’s growth throughout the partnership.

Speaking on the agreement, Formula 1 President and CEO Stefano Domenicali said:

“I am delighted that Santander, an incredible global brand, will become an Official Partner of Formula 1.

“Santander has a proud history in our sport, and they know the huge platform we can provide to amplify their story to customers around the globe.

“I want to thank Ana Botín, Group Executive Chair of Santander, and Juan Manuel Cendoya, Global Head of Communications and Corporate Marketing and Research and Vice Chair of Santander Spain, for their passion and commitment to this exciting partnership.

“Our shared focus on innovation and providing a best-in-class service to our customers and fans is key to our partnership and I am looking forward to a very exciting future on and off the track.”

Executive Chair of Santander, Ana Botín, also stated:

“We are delighted to announce our new partnership with Formula 1. Over nearly two decades, since Banesto first began working with F1, the power and global reach of the sport has helped Santander engage with customers, deepen relationships, and strengthen our brand.

“This collaboration will help create value across the group and marks an important new chapter in our relationship, as we continue to transform and grow our business.”