ING on Restructuring Spree

ING Group NV has seen net profit improvement in the third quarter on its investments, and streamlining plans are reported to be on track. The company finalized strategies on shunting some of its Dutch retail banking operations, their insurance business deals with insurance, and U.S. online bank, thereby introducing rights issue for €7.5 billion.

Renault deal terminated by ING

ING, the main sponsor of Renault, has immediately terminated its contract with the Formula One team, amidst the controversy of race fixing. The contract, in any case, was nearing its end this season.

Following this controversy, large portion of the budgetary support for the Formula One team has also been stopped.