Spanish bank Santander has announced a multi-year partnership with Formula 1 (F1), the iconic open-wheel motor racing series, almost a week after ending its sponsorship deal with Ferrari.
From the 2025 F1 season, the firm will serve as the competition’s new official retail banking partner.
The deal will see Santander gain trackside branding presence visible to TV cameras across a variety of F1’s 24 grand prix races.
These races include Santander’s most prominent markets - Brazil, Mexico, Spain, the UK, and the US.
Furthermore, the parties will collaborate to activate around the deal through the creation of co-branded content, among other activation strategies.
Included in the deal is Santander’s Openbank digital banking brand, which will launch in the US later in 2024.
The US will host three different F1 Grand Prix races in 2025, with Santander aiming to capitalize on the sport’s burgeoning popularity in the country to promote the online brand.
The F1 tie-up comes just days after Ferrari, perhaps the most iconic team on the F1 grid, announced it was parting ways with the bank after a three-year relationship.
Santander opted not to renew its sponsorship of the team when it expires on December 31.
Speaking on the deal, Formula 1 president and chief executive Stefano Domenicali stated: “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.”
Santander has a long affiliation with F1, having first sponsored the series back in 2006, sponsoring both individual races and competing teams such as Ferrari and McLaren.
Santander chair Ana Botin added: “Over nearly two decades, since Banesto [also a Santander Group member] 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.”
