Ferrari and Santander agreed not to extend their partnership, which has lasted for three years and will end at the end of this year. However, Santander is not planning to leave Formula 1 at all, instead, they have become an official partner of the whole series.

Santander has been in Formula 1 since 2006. Over the years they have partnered with McLaren, Ferrari and the British Grand Prix, while the new deal with the whole series is another big milestone for the retail banking company.

In the press release announcing the new partnership it was confirmed 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.”

The President and CEO of Formula 1, 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.”

Ana Botín, the Executive Chair of Banco Santander said: “We are delighted to announce our new partnership with Formula 1.

"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.”