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 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. The statement added that ING would continue to work closely with Renault F1 team in the final year of the partnership. This comes as another blow to the game, after Honda’s decision earlier this year to depart, followed by Credit Suisse Group ending its sponsorship of BMW Sauber.
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