President Emilio Botin cited that the increased visibility on Ferrari cars, and tapping into markets where the Ferrari brand is particularly popular such as Brazil and Germany, as the motivation for the new deal. Santander's current sponsorship of rival constructors McLaren generates a predicted €5 for every €1 invested.
Under the terms of the agreement Santander’s logos will appear on Ferrari cars, driver overalls and team member apparel. It will also continue as title sponsor of the Formula One grands prix in Italy, Britain and Germany.
“I dare say that Santander is in banking what Ferrari is in Formula One - an irreplaceable pillar and a symbol of tradition, success and strength. Formula One has turned red hot,” said Botin.
Ferrari chairman Luca di Montezemolo added the two parties are beginning a “very important and long-term co-operation” and that both companies share common values, such as “striving for excellence, a passion for competition, and an international approach.”
Santander has 90 million customers and over 14,000 offices worldwide. It is the first time a financial institution will brand a Ferrari car in the Italian constructor’s 80-year history.
