Formula One has struck a multi-year partnership with Spanish banking group Santander from 2025.
Contract:
- Santander named official retail banking partner of Formula One
- Pair will deliver ‘unrivalled experiences’ for fans and customers globally
- Santander branding will feature on trackside signage at ‘a number of Grands Prix’
- Bank to provide fans with exclusive content and activations
- Deal includes Santander-owned Openbank, which will launch in the US later this year
Context:
Santander confirmed at the end of August that its three-year partnership with Ferrari, reportedly worth US$60 million annually, would end after 2024. The pair had also worked together between 2010 and 2017.
Santander’s links with Formula One date back to 2006, including deals with McLaren and the British Grand Prix, and this new pact will include a strong focus on the US market at a time when the series continues to go from strength to strength in the market. Openbank, which currently operates in Europe, will look to tap Formula One’s growing presence and fanbase in the States to support the digital bank’s expansion.
Comment:
“I am delighted that Santander, an incredible global brand, will become an official partner of Formula One,” said Stefano Domenicali, Formula One president and chief executive. “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.”
Botín added: “We are delighted to announce our new partnership with Formula One. 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.”
Coming next:
The 2024 Formula One season continues with the Azerbaijan Grand Prix at the Baku City Circuit from 13th to 15th September.
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