Oct.31 (GMM) The Dutch bank ING insists it is staying in formula one, despite the global financial crisis.
It emerged recently that Renault's title sponsor received a 10 billion euro bailout from the Dutch government as shares plummeted.But despite fears that sports sponsorship programmes may need to be cut, ING's head of marketing Isabelle Conner said the bank is committed to F1 at least until the end of next year.The International Herald Tribune newspaper estimated ING's annual spend on F1, including trackside advertising and naming sponsorship of some grands prix, at between $50 and $100m."This formula one sponsorship is the best thing that ever happened to ING," Conner said."Now we are in year two. It's strategic, a growth driver, a revenue generator for us. We're in it for three years, we've always said that, that's our commitment."You bet we're continuing this, because this works," she added.