ING rights-off F1

• ING cuts Renault F1 link
• Recession blamed
• ING to still use F1-related marketing 

Malaysia - Despite generating over 20,000 leads from its local F1 consumer activities last year, ING Malaysia has decided not to stir the pot, and has backed ING Group's decision to not renew the three-year sponsorship contract with Renault F1.

"The goal for 2009 is to get the most out of the assets that we have," Geraldine Wong, head of branding & corporate communications for ING, said.

"Just because the sponsorship will come to its natural end this year does not mean that we're putting the brakes on activation."

Ahead of F1's return to Sepang in over a month's time, Wong says ING will continue to use the low-cost and no-cost assets of F1 to further business objectives and "tap the experience of the F1 global central team and other business units to develop the most effective F1-related sales and marketing campaigns".

In the past, ING Malaysia had adopted a 360 degree marketing strategy towards the F1, using a combination of ATL, BTL and online platforms in communications as well as roadshows and sales drive initiatives. But Wong said, because of the current economic financial condition, ING Malaysia "fully supports" the decision to not renew the sponsorship.

"Over the past two years, ING Group has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16% and driving several billion Euros in new assets to ING Group," she said.

"To date, 134 of these business activations in 36 countries have driven new sales and revenues to ING Group."

The news follows last months announcement from ING that it would cut operating expenses by 1 billion euros in 2009.

In a statement issued regarding the non-renewal of the Renault F1 sponsorship, ING said: "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 are the official sponsors of the season-opening Australian Grand Prix in Melbourne as well as well for the F1 races in Belgium, Hungary and Turkey. It has been reported that the Dutch financial group had on-track branding at 13 of last season's 18 races, and were the largest sponsor on Renault's books.