The Dutch bank ING on Monday announced that it will end its formula one sponsorship activities at the end of 2009.

The Dutch bank ING on Monday announced that it will end its formula one sponsorship activities at the end of 2009.

It was already clear that Renault's embattled title sponsor was reviewing the F1 programme - which also includes trackside advertising and naming sponsorship of grands prix - because of the global financial crisis.

The Dutch government recently moved to safeguard ING Group, who had posted a second consecutive multi-billion dollar quarterly loss and decided to cut F1 spending by 40 per cent this year.

The three-year title sponsorship of Renault was due to expire at the end of this year. A statement said ING has decided "not to renew" the deal and therefore will "end its presence in F1" beyond 2009.

"ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership," the statement added.

 

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