F1 banks latest 'incredible powerhouse' partner

Formula 1 has unveiled its latest partner, adding to its burgeoning portfolio.

The sport has stepped into the world of banking, confirming Standard Chartered as its official wealth management and corporate investment banking partner in a multi-year deal.

In a statement, F1 said the announcement "builds on Formula 1’s unprecedented fan and commercial growth with 827m fans worldwide.

"It will bring to life unrivalled experiences, with the bank operating in nearly all markets where F1 hosts races, with enhanced trackside activations for its clients and guests."

Standard Chartered will also support F1 Academy by helping to "advance the development of female talent and skills across motorsport, both on track and beyond".

On the deal, F1 president and CEO Stefano Domenicali 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.

"With Standard Chartered’s support for F1 Academy, I can’t wait to have them join us in the paddock and see what we can achieve together."

Expressing obvious pride in joining forces with F1, Roberto Hoornweg, CEO of corporate and investment banking with Standard Chartered, declared that the sport "shares our relentless commitment to high performance, innovation, a world-class client experience, and distinctive global connectivity".

He added: "F1’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."