16/10/2006
NEWS STORY
At a press conference in Amsterdam this morning, ING Group Vice-Chairman and Chief Financial Officer, Cees Maas, confirmed that the Dutch bank will be the title sponsor of the Renault F1 Team in 2007, 2008 and 2009.
The ING Renault F1 Team will roar into Formula 1 at the beginning of the 2007 championship, with the twin objectives of achieving on-track success – and a powerful offtrack global impact.
ING has selected Formula 1 as the perfect platform from which to build global brand awareness, and target key growth markets for the business. Title sponsorship of the ING Renault F1 Team presented the unique opportunity to achieve a high-impact entry into the sport in partnership with a world championship-winning team. The team's track-record of success and strong personality make it the perfect partner in growing worldwide brand awareness in the coming seasons.
Renault F1 Team President Alain Dassas: "We are delighted to welcome ING to Formula 1 as our title sponsor. This is an important agreement for the growth and development of the Renault F1 Team, providing long-term stability that reinforces our long-term commitment to the sport. We look forward to a fruitful, win-win
relationship with this respected financial institution."
Managing Director Flavio Briatore: "We are proud to introduce ING to the world of Formula 1, and the unique opportunities it offers for global growth. ING is a brand that fits perfectly with the Renault F1 Team's image. Both companies are dynamic organisations seeking to enhance their global brand awareness through innovative forward-thinking and exceptional performance. We are excited at the prospect of working together in the years ahead."
The title partnership deal will be highlighted through an integrated global branding and marketing approach aimed at strengthening the ING brand and bringing it more into line with the scope of our global customer base of 60 million clients. Based on extensive research, ING concluded that Formula 1 will be the most suitable platform for a global sponsoring initiative and it offers high-quality exposure and potential to reach a broad customer base.
ING's brand has grown strongly in customer recognition and has climbed to the 85th position on the 2006 Interbrand Best Global Brands List. Formula 1 and the Renault F1 Team are associated with teamwork, winning performance and achieving permanent progress, which fit well with the positioning of ING. ING is convinced that teaming up with the Renault F1Team will significantly raise ING's global brand awareness around the world.
In addition to teaming up with Renault to form the ING Renault F1 Team, ING has finalised an agreement with Allsport Management for on-track sponsoring at several Formula 1 races in key ING markets in 2007.
The final race of the 2006 season will see the Renault F1 Team's current title sponsor, Mild Seven, departing Formula 1 after an unbroken thirteen-season title sponsorship of the Benetton and Renault F1 teams. Flavio Briatore commented: "We would like to take the opportunity to thank Mild Seven for their unstinting support during the past thirteen seasons. Their loyalty and dedication stand as examples for corporate involvement throughout Formula 1. They entered the sport as winners, with world championship victory as Benetton's title sponsor in 1994 and 1995. After last year's dramatic double championship win with Renault, we are working flat out to ensure they can leave the sport in the same way: on a high, as the winners of consecutive world championships."