Ron Dennis and Luca di Montezemolo have lead the tributes to Santander Executive Chairman Emilio Botin who has died.

The 79-year-old, who took over as president of the Banco de Santander from his father in 1986, suffered a heart attack overnight. He leaves a widow, Paloma O'Shea, and six children, one of whom, Ana Patricia Botín O'Shea, will assume control of the bank.

In addition to sponsorship of the Ferrari and McLaren teams, Santander is title sponsor to a number of races, including the British Grand Prix, even though Botin's main passions were hunting, fishing and golf.

"Everyone at McLaren is shocked and saddened to hear of the sudden passing of Emilio Botin, the Chairman of the Euro zone's largest bank, Santander, a McLaren partner since 2007," said Dennis. "Emilio was a consummate businessman, who made Santander what it is today: one of the world's leading financial institutions, employing 200,000 people around the globe.

"Passionate and charming, he was firm but always fair. I feel privileged to have known him, and proud to be able to call him a friend. He adored motor racing - there was no-one more enthusiastic in the McLaren garage than he was when a race win was in the offing.

"The world has lost a great man. To his large and loving family, I send my condolences."

“We mourn the loss of a great friend and an incredible entrepreneur, with whom we shared many great moments, both racing and others over the past few years," added Montezemolo.

“Ferrari will always remember him as one of its most enthusiastic fans and it is thanks to him that we enjoyed such great support from Santander, which went above and beyond a straightforward commercial role."

“My thoughts and those of everyone at Ferrari, are with his family and all his colleagues at the Bank, with great affection."

A number of drivers, including Lewis Hamilton and Felipe Massa, took to Twitter to pay tribute to the bank boss.

"I will miss you dearly!" tweeted the Briton, "My thoughts are with the family and friends of Emilio," wrote the Brazilian. "I will miss you my friend!!"