Amsterdam/New Delhi: Dutch financial services entity ING said it will pull out from its Formula 1 sponsorship deal with French car maker Renault.
“In light of the recently announced cost reduction programme, ING confirmed today not to renew the three-year sponsorship contract with Renault F1 and to end its presence in F1 beyond the 2009 season,” the firm said in a statement.
The Dutch company is exploring cost cutting measures amid deepening global financial turmoil.
The financial services major said that one of the main aims of the company’s participation in Formula 1 was to increase its global brand awareness.
Noting that F1 remains a powerful business driver even in a difficult economic climate, ING said, “whilst ING has cut the F1 sponsorship costs by 40% in the final year, revenue generating opportunities will be a continuing focus through 2009”.
The statement added that ING would continue to work closely with Renault F1 team in the final year of the partnership.