Earlier this week, the sport’s governing body the FIA ruled that Renault conspired to cause a deliberate crash in order to fix the result of last year’s Grand Prix in Singapore, an offence, it says “of unparalleled severity”.
Speaking at the Marketing Week Sponsorship Summit today (24 September), Isabelle Conner, global head of marketing at ING says of the controversy: “It has not been a very happy time for the last three weeks and we are hugely disappointed to discover this”.
She adds that there will be a further announcement from the bank later today on the matter.
Earlier this year, the bank announced it is to end its sponsorship of the Renault team at the end of this season. The firm has been hit by the financial crisis, reporting in August that second quarter profit dipped 96% to €71m (£61m), and has undertaken a major cost cutting drive
Conner says its involvement in F1 has helped boost global recognition, adding “we really came on to the map as a result of F1”.