Big lender picks a new direction
Massa. Alonso. Saintz. Vettel. Leclerc.
These are just some of the storied names that have appeared in Ferrari’s famous red livery in Formula 1. And another important name that also appeared across the prancing horses best while they drove, was that of Santander bank.
Santander has a long history of partnerships in Formula One, but in a big surprise for many, its latest move is to move marketing budget directly with the F1 organisation rather than a single manufacturer.
In 2022, Santander and Formula One began a three-year partnership focused on sustainability, but a recent announcement from Santander has announced that it will be the official retail banking partner of the series starting in 2025 - signifying an attempt from the bank to get even greater visibility within the growing sport.
Read more: Santander market share gutted
Santander is widely known in Formula One for its association with Ferrari, having partnered with the Italian team from 2010 to 2017 and again from 2022 to 2024. Additionally, it worked with McLaren between 2007 and 2013.
While the bank’s Spanish roots have often led to speculation about its future in Formula One—especially after the Ferrari F1 team dropped Spaniard Carlos Saintz Junior as a driver.
By upgrading to an official Formula One sponsor in 2025, Santander has said it aims to leverage the global reach of the series to target key markets such as the US, Brazil, Mexico, Spain, and the UK.
Enrique Geijo, head of corporate sponsorships at Santander, told blackbookmotorsport.com, “One of our main goals of this new deal is to take advantage of the impact that Formula One has when it comes to a city.”
He adds that the bank’s marketing teams are enthusiastic about leveraging Formula One’s influence in their respective countries.
This partnership will also help promote Santander’s digital bank, Openbank, in the US, where it will make its debut in the coming year.
“We want to put a lot of focus and awareness on [Openbank] next year,” says Geijo. The Openbank brand will be visible at events like the Austin and Las Vegas Grands Prix, although it won’t be present at the Miami race due to JP Morgan Chase’s existing deal.
Santander has used Formula One sponsorship before to support its growth in new markets. A similar approach was taken in the late 2000s when the bank expanded into the UK, producing commercials featuring Lewis Hamilton as part of its McLaren sponsorship. At that time, the focus was building brand awareness after acquiring UK companies like Abbey National and Bradford & Bingley.
Geijo highlights the significance of Formula One’s growing popularity under Liberty Media, especially among younger audiences. The introduction of the hit Netflix series Drive to Survive has helped to attract this new demographic, and the sport’s openness to change has helped maintain their engagement.
“What we like with Formula One is that they have opened themselves to the audience,” says Geijo. He notes that the series aligns with Santander’s goal of connecting with younger audiences, particularly in the US.
And maybe that red car was just getting too crowded with logos?
“Formula One has much more space and more inventory” compared to individual team partnerships, making it easier for brands to make their mark.”
Although there’s a potential opportunity missed by not collaborating with Lewis Hamilton again when he joins Ferrari in 2025, Santander seems confident that the broader reach of a direct Formula One partnership will offer even greater benefits.
