08/09/2006
NEWS STORY
At a time when there was speculation as to a sponsorship deal with McLaren, Spanish bank Banesto has agreed an exclusive deal with Formula One Administration Limited (FOM) which will allow it to use the F1 brand on various financial products in Spain.
It's understood that the deal, which was agreed earlier this week between Bernie Ecclestone and Banesto President Ana P. Botin, is part of the bank's plan to increase its presence in Spain.
The bank, part of Grupo Santander, is rapidly expanding, and clearly sees F1 as a perfect promotional vehicle, having already enjoyed success in cycling, with Miguel Indurain winning five consecutive Tour de France events with the Banesto team.
A number of financial products involving the use of F1 branding are expected to be launched in the months ahead.