Formula 1 signs Standard Chartered up as major partner
Standard Chartered has penned a deal with Formula 1 to become the motor sport’s wealth management and investment banking partner.
Canada-headquartered firm will be involved with Formula 1 as part of a multi-year deal, with Standard Chartered’s branding set to feature trackside.
The bank’s chief of corporate and investment banking, Roberto Hoornweg, said: “Formula 1’s footprint reflects our own cross-border network, with our presence in 19 out of 21 F1 race markets and many other countries where clients enjoy watching one of the most exciting, fastest-growing sports in the world.”
The deal will see Standard Chartered work with the F1 Academy too, the all-female driving series, while customers will get special experiences offered to them as a result.
Standard Chartered deal
Stefano Domenicali, chief executive of Formula 1, said: “I am thrilled to welcome Standard Chartered, an incredible financial powerhouse, as a new partner to Formula 1.
“We are both truly global in nature, sharing fantastic locations around the world with the desire to drive performance and create experiences that excite people and bring them together.”
The deal comes as Formula 1 enjoys huge popularity. Team valuations have soared into the billions and the likes of LVMH have entered into decade-long agreement with the sport.
Standard Chartered joins the likes of Saudi energy giant Aramco, AWS, DHL, Heineken and Lenovo.
Judy Hsu, chief executive of wealth and retail banking at Standard Chartered, said: “As a leading international wealth manager, we will draw on our international network and expertise to bring clients closer to the excitement of F1.
“Our clients value premium service, innovation and seamless global connectivity, and this partnership will unlock exclusive experiences for them. Our support for F1 Academy reinforces our commitment to championing female talent and developing the next generation of motorsport talent across our unique footprint.”