Banesto, the retail-focused Spanish-based
lender in which Santander has a near 90 percent stake, will have to
pay around €10 million ($12.6 million) as a result of Spain’s
triumph in the FIFA World Cup.
In an effort to boost retail deposits and tap
into Spain’s love of football, Banesto launched an innovative
savings account at the start of February tied to its sponsorship of
Spain’s international football team.
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The soccer-themed deposit account, Depósito
Selección, offered customers interest of 3 percent, but in the
event of Spain winning the FIFA World Cup, the bank agreed to pay a
rate of 4 percent.
The Depósito Selección account attracted
around €1 billion in deposits, resulting in a €10m bill for the
lender.
Banesto became official sponsor of La Roja, as
the Spanish team is affectionately known by supporters in November
2009, in the process replacing Barcelona-based rival La Caixa as
the only bank sponsor of the team.
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