Former Ferrari sponsor Santander set to become Formula One’s Banking Partner

Formula 1 has announced that Santander, one of the largest banks in the world, will become its Official Retail Banking Partner in a multi-year deal starting in 2025.

Just ahead of the Italian Grand Prix, Ferrrari announced that it will terminate its partnership with Santander at the end of the year. Although the Spanish company had been suggested to team up with Williams to follow Carlos Sainz at the British outfit, Santander has now confirmed a partnership with Formula One.

F1 noted that ‘the partnership will reflect the shared commitment to innovation between the two companies and a focus on delivering unrivalled experiences for their respective fans and customers on a global scale.’

Santander will feature on trackside signage at a number of Grands Prix and provide Formula 1 fans with exclusive content and activations throughout the partnership.

The new deal also includes Santander’s Openbank, Europe’s largest 100% digital bank by deposits, which will launch in the United States later this year. Formula 1 will use its growing presence and fanbase in the US to support the digital bank’s expansion throughout the life of the partnership.

Commenting on the announcement, Formula One CEO and President Stefano Domenicali noted: “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, 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 commented: “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 Formula 1 announces Santander as Official Retail Banking Partner the group and marks an important new chapter in our relationship, as we continue to transform and grow our business.”