Sep.22 (GMM) Santander is more than happy with its sponsorship activities in formula one, according to Spanish media reports.

Citing the confirmation of communications boss Juan Manuel Cendoya, the EFE and Europa Press (EP) news agencies said the Spanish bank's EUR 50 million spend this year will net a five-fold return.

That means that the returns gained in 2010 will pay for Santander's projected spending between 2011 and 2014, involving trackside and race sponsorship and the major backing of the Ferrari team.

The EP report said Santander reduced its advertising in other areas after investing in F1, including a 10 per cent decrease in 2009.

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