The two confirmed today (10 September) that the Spanish banking group will become one of the team’s “most important” sponsors from next season.
The agreement will see Santander branding on Ferrari cars and its drivers’ overalls.
Santander’s three-year sponsorship of McLaren is to finish at the end of this season. The partnership began at the start of the 2007 season following Fernando Alonso’s decision to sign for the team.
The Spanish banking group has used its sponsorship of McLaren to build brand recognition in the UK. Santander has said the three-year brand campaign starring McLaren driver Lewis Hamilton helped increase recall from 20% to 82% over that time.
The bank is to rebrand and refurbish all of its Abbey, Alliance & Leicester and Bradford & Bingley savings business and branches under the Santander name by the end of 2010.
The deal comes in a year when the sport has come under intense financial pressure as sponsors and manufacturers reduce investment during the global economic downturn.
The sport was plunged into crisis earlier this year after eight teams threatened to create a breakaway championship because of FIA plans to impose a voluntary budget cap.