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Spanish banking giant Grupo Santander announced on Thursday it will be the Ferrari team's sponsor for the next five years.
The company, currently sponsoring McLaren, said it will be Ferrari's "main" sponsor from next season.
The deal was announced in a press conference at the Monza circuit on Thursday, when Ferrari chief Luca di Montezemolo was joined by Bank of Santander president Emilio Botin.
"We are very happy to have a new partner like Santander, with whom we are beginning a very important and long term collaboration," said di Montezemolo.
"We share common values, such as striving for excellence, a passion for competition, an international approach and, last but by no means least, the colour red. These values will make this a fruitful partnership, noteworthy around the world."
