Renault sponsor ING boosted by capital injection

Renault's title sponsor, the Dutch bank ING has received an investment by the Dutch government worth 10 billion Euro. While the bank is still healthy, the current financial crisis has caused governments all over the world to reinforce their banks.

ING is the first bank to make use of the 20 billion Euro fund that the Dutch government announced on 9 September. The investment is worth special assets, rather than a major stake in the company "to prevent the share to fall down".

The bank / insurer earlier today announced that it expects a net loss of approximately 500 million Euro, compared to a profit of 1.9 billion Euro in the second quarter of this year.

Thanks to the investments though, the stock partially recovered from a devaluation during the last weeks by gaining more than 20% in value.

Despite the difficulties on the financial market, it is however believed that the sponsorship for Renault is not in any danger.