Santander and Formula One (A)
IES250 October 2011 Santander and Formula One (A) Introduction In the final months of 2009, Santander’s Board reflected on the Bank’s recent progress in brand unification. Starting with the UK’s Abbey National which had been acquired in 2004, Santander had been making great progress in its effort to rebrand local offices, gained in over 10 years of acquisitions, under the Santander name. According to Chairman Emilio Botín, “Our position as an international group, with multinational management, creates the need to present a unified image within the market to customers and to society overall. This common identity reinforces the value of our brand and creates internal solidarity as well as external visibility, trust and credibility. There is no doubt that becoming ‘more of a group’ is the general ambition.” In 2007, physical rebranding of the branch offices was beginning and Santander management had identified the need for a communications platform that would facilitate brand recognition across its various new markets. As Santander’s Second Vice-Chairman and CEO Alfredo Sáenz explained, “In a sector like finance, the ability to generate trust in the market and, in particular, with investors and customers, is crucial. Thus, companies must have a communications strategy that facilitates relevant and transparent information, which allows for proper function within the markets, reduces reputational risk, plays an essential role in our corporate government model, and helps create a powerful corporate culture and a strong brand image.” This case was prepared by Professor Julián Villanueva and Julie Ziskind, Research Assistant, as the basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation.
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