ING, the Dutch financial services company, has signed a three-year title sponsorship deal with the Renault Formula 1 team replacing long-term sponsor cigarette brand Mild Seven.
The deal follows speculation that ABN Amro, the Netherlands’ largest bank, was poised to take over the sponsorship rights although the bank later denied it was involved in negotiations.
The Japanese cigarette brand was banned from renewing its title sponsorship deal due to anti-tobacco advertising laws. Its deal expires at the end of this season.
The sponsorship deal sees Mild Seven depart F1 after an unbroken 13-season title association with the Benetton and Renault F1 teams.
The value of the ING deal has not been confirmed, although Mild Seven’s annual contract with the Renault team is understood to be worth $50m (£26m) a season.