The FINANCIAL — In light of the recently announced cost reduction programme, ING confirmed on February 16 not to renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season.
ING’s participation in Formula 1 was the company’s first global sponsorship project aimed at delivering revenue and raising the global brand awareness, particularly in ING’s key growth markets. Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16% (March 07 vs November 08).
F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40% in the final year, revenue generating opportunities will be a continuing focus through 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.