The world beating Italian F1 racing team Ferrari have found a new financial backer in the form of Spanish banking giant Santander who will become the money men behind the wheel in a five-year promotion deal.

It has been common knowledge in F1 circles that the bank was not going to renew their three-year obligation with rival car company McLaren. Bank officials made their way to Monza yesterday to make the announcement, together with Emilio Botin the bank’s president and Luca di Montezemolo the boss of Ferrari making a joint statement.

Ferrari cars will of course be decked out with the banks logo as will the driver and team’s uniforms. Botin said that Ferrari are the number one F1 name and he hopes that the association with the bank will make it clear that it is the is also number one in their field.