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Santander To Fuel Formula 1 Sponsorship Starting 2025
(MENAFN- The Rio Times) Starting in 2025, Santander will embark on a multi-year journey as the official bank sponsor of Formula 1. This move marks a significant strategic shift for the Spanish financial giant, the bank announced on Wednesday.
This partnership extends to both Santander's main brand and Openbank, its leading digital banking arm in Europe, which also plans to expand into the United States within the year.
The sponsorship deal ensures prominent visibility for both Santander and Openbank at the world's premier motorsport events.
Particularly, this includes countries where Santander has substantial operations, such as Brazil, its largest branch globally in terms of size and one of its most financially significant.
The bank highlighted Formula 1's vast reach, noting it attracted approximately 1.35 billion viewers in 2023, as estimated by Nielsen.
Notably, 60% of these viewers are from Santa's key markets, with the U.S. segment showing considerable growth.
A Strategic Move for Santander
Formula 1's appeal among the youth worldwide was highlighted as a key factor in the partnership. Its efficacy as a marketing platform for reaching affluent customers was also emphasized.
The sport's ability to connect with young and high-earning demographics aligns well with global banking trends targeting these groups.
Ana Botín, Global Chairman of Santander, reflected on the bank's longstanding relationship with Formula 1. This relationship began nearly two decades ago with Banesto.
She noted that the sport's global influence has been instrumental in enhancing customer relations and strengthening the Santander brand.
The bank has previously sponsored Formula 1 indirectly through team partnerships since 2006, including a notable collaboration with Ferrari, set to conclude at the end of this year.
Stefano Domenicali, President and CEO of Formula 1 , commented on the partnership's benefits. He emphasized that the sport's global showcase will significantly boost the bank's international exposure.
He looks forward to a future of shared innovation and excellence, both on and off the track. This strategic move marks a significant step for Santander in leveraging Formula 1's global platform.
It aims to enhance its visibility and deepen its market influence, particularly at a time when digital expansion and customer engagement are more critical than ever.
This partnership extends to both Santander's main brand and Openbank, its leading digital banking arm in Europe, which also plans to expand into the United States within the year.
The sponsorship deal ensures prominent visibility for both Santander and Openbank at the world's premier motorsport events.
Particularly, this includes countries where Santander has substantial operations, such as Brazil, its largest branch globally in terms of size and one of its most financially significant.
The bank highlighted Formula 1's vast reach, noting it attracted approximately 1.35 billion viewers in 2023, as estimated by Nielsen.
Notably, 60% of these viewers are from Santa's key markets, with the U.S. segment showing considerable growth.
A Strategic Move for Santander
Formula 1's appeal among the youth worldwide was highlighted as a key factor in the partnership. Its efficacy as a marketing platform for reaching affluent customers was also emphasized.
The sport's ability to connect with young and high-earning demographics aligns well with global banking trends targeting these groups.
Ana Botín, Global Chairman of Santander, reflected on the bank's longstanding relationship with Formula 1. This relationship began nearly two decades ago with Banesto.
She noted that the sport's global influence has been instrumental in enhancing customer relations and strengthening the Santander brand.
The bank has previously sponsored Formula 1 indirectly through team partnerships since 2006, including a notable collaboration with Ferrari, set to conclude at the end of this year.
Stefano Domenicali, President and CEO of Formula 1 , commented on the partnership's benefits. He emphasized that the sport's global showcase will significantly boost the bank's international exposure.
He looks forward to a future of shared innovation and excellence, both on and off the track. This strategic move marks a significant step for Santander in leveraging Formula 1's global platform.
It aims to enhance its visibility and deepen its market influence, particularly at a time when digital expansion and customer engagement are more critical than ever.
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