International bank Santander has become the new retail banking partner of Formula One in a multi-year partnership that will begin in 2025.
The collaboration will look to focus on delivering fan experiences and leverage Formula One and Santander’s near two decade relationship which has seen the Spanish bank’s branding postered across a range of Grand Prix’s.
Formula One President and CEO, Stefano Domenicali, commented: “I am delighted that Santander, an incredible global brand, will become an Official Partner of Formula One.
“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.
“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.”
The new deal also includes Santander’s Openbank, a deposit digital bank, which will launch in the US later this year. Formula One will use its growing presence and fanbase in the US to support the digital bank’s expansion throughout the life of the partnership.
The move to become Formula One’s retail baking partner follows on from Santander’s split from the Ferrari F1 team, where the bank had been its official partner in two different spells.
Santander was ultimately replaced recently by UniCredit once its current deal with Ferrari expires in 2025.
Chief Racing Revenue Officer at Ferrari, Lorenzo Giogoretti, expressed his “gratitude” to Santander for its years of collaboration and relationship”, labelling it a “successful partnership”.
Ana Botín, Executive Chair of Santander, spoke on the new deal with Formula One: “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.”
