The agreement will see the bank support student entrepreneurship and internationalisation at the university through a scholarship scheme worth a total of £120,000 over three years.
Each year of the agreement it will fund two students on an international study scholarship and a minimum of five students for international graduate work experience in Europe and South America.
Santander is also providing an additional £15,500 over a year to support work placements and internships within small to medium enterprises.
Prof Ian Oakes, deputy vice-chancellor of the University of Wolverhampton, said: “The university is delighted to be working with such a global name as Santander.
“As a university we place a great emphasis on making our students highly employable through providing them with the skills, knowledge and attributes to be industry and work ready.
“It is not just about them getting a job but about getting them the career they want.
The agreement was signed on Tuesday (16 Feb) by University of Wolverhampton vice-chancellor, prof Geoff Layer and Robin Foale, managing director of Santander Universities UK.