Financial services group ING is to stop sponsoring Formula 1 motor racing as part of its recently announced cutbacks, the Volkskrant reports on Monday.

ING began sponsoring the Renault team two years ago. The three-year contract expires at the end of this season.
Last month ING announced it was to cut spending on sponsoring and reduce its workforce by 7,000.
ING received a €10bn capital injection from the Dutch government last year and in January agreed a €22bn government credit guarantee for its US mortgage portfolio.