AMSTERDAM — ING Groep NV, the Dutch bank and insurance company, said Monday it would not renew its sponsorship of Formula One team Renault after the 2009 season.

The move is part of cost-cutting at ING, which has reported multibillion dollar losses and received a bailout from the Dutch government since the financial crisis began last year.

It's also the latest blow for F1, which saw Honda depart earlier this year and Credit Suisse Group end its sponsorship of BMW Sauber.

ING said last month it would reduce spending on F1 by 40 percent this year and review participation after 2009. The company's total F1 budget was around $100 million before the cut.

Renault finished fourth in the F1 constructors' standings last season and Fernando Alonso was fifth in the drivers' championship with back-to-back wins at Singapore and Japan, and a second-place finish in the season-ending Brazilian Grand Prix.