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Formula One deal for Spanish bank Banesto 08 Sep 2006

Formula One Administration Limited (FOM) have signed an agreement with Spanish bank Banesto, entitling it to exclusive use of the FORMULA 1™ brand on financial products in Spain.

The partnership - the first of its kind for a Spanish financial institution - was finalised in London earlier this week in the presence of FOM President Bernie Ecclestone and Banesto President Ana P. Botin.

It supports Banesto’s ambitious strategic plan, presented in February of this year, to become the leading bank in Spain’s corporate financial services sector. Banesto now plan to launch a series of financial products in the coming months using the FORMULA 1™ branding.

Banesto said its decision to work with FOM was influenced by the fact that Formula One racing “transmits values such as innovation, technology, quality, talent, team work and strategy”, all of which fit perfectly with the bank’s own values and attributes.