The growing relevance of the United States to Formula 1 was a major catalyst in Santander becoming an official partner to the series, Autosport has learned.
Santander has signed a multi-year deal with F1 which will begin at the start of 2025 after the bank’s sponsorship agreement with Ferrari expires.
It was announced last week that Ferrari and Santander would go their separate ways at the end of the year, with UniCredit then confirmed as a sponsor for the Italian squad moving forward.
Having been involved in the series since 2006, sponsoring at different times McLaren, Ferrari and the British Grand Prix, the new deal as official retail banking partner is a tightening of Santander’s ties to F1.
With the company launching Openbank in the US later in 2024, having a bigger presence among the growing American fanbase as well as at the races in Miami, Austin and Las Vegas, is seen as a good move for the company.
“In every country where there is a grand prix, F1 is the place to be, it is a national event,” Juan Manuel Cendoya, Santander’s global head of communications, corporate marketing and research told Autosport.
“Liberty has done a tremendous job, the role of Formula One Management has changed dramatically, the sport is more open and popular, more global.
“Of course, the main incentive to change from Ferrari to Formula 1 is the idea of being more relevant in the United States. The States has a very important relevance right now in F1.
“We can use the three grands prix, in particular Las Vegas and Texas, we can do a lot.
“That is why we decided to be a global partner – on top of that we are going to be a very active partner in all of the markets where we are present.”
It was also confirmed in the press release announcing the new partnership that “the bank’s logos will feature on trackside signage at a number of Grand Prix across the season taking place in Santander’s main markets: in the US, Brazil, Mexico, Spain, and in the UK, among others. The bank will also provide Formula 1 fans with exclusive content and activations throughout the partnership.”
Speaking about the deal, F1 president Stefano Domenicali said: “I am delighted that Santander, an incredible global brand, is becoming 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.”
While developing into a global bank, Santander’s roots are in northern Spain and it is understood that the company would sponsor races in Madrid and Barcelona, should both be included on the 2026 F1 calendar.
