From GMM
The struggling Royal Bank of Scotland (RBS) will withdraw its estimated 14m euro sponsorship of the British formula one team Williams at the end of next year.
The deal, one of the main sponsorships for the independent Toyota-powered team, began in 2005, and the current contract is due to expire after the 2010 season.
RBS was hit heavily by the global financial crisis, posting multi-billion losses and subsequently bailed out by the UK government.
"It is imperative that we respond to the reality of the situation we face and that we do so in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support," said the British bank's communications director Andrew McLaughlin.
He said Sir Frank Williams has been "supportive" in helping RBS reduce its costs - by as much as 90 per cent in areas such as hospitality - this year and in 2010.
RBS is the next in a line of recent lost sponsorships for Williams, including Lenovo, Petrobras and the multiple Icelandic Baugur brands.
But the Grove based team's chief executive Adam Parr said in a conference call: "No individual sponsor is make or break for us."
The struggling Royal Bank of Scotland (RBS) will withdraw its estimated 14m euro sponsorship of the British formula one team Williams at the end of next year.
The deal, one of the main sponsorships for the independent Toyota-powered team, began in 2005, and the current contract is due to expire after the 2010 season.
RBS was hit heavily by the global financial crisis, posting multi-billion losses and subsequently bailed out by the UK government.
"It is imperative that we respond to the reality of the situation we face and that we do so in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support," said the British bank's communications director Andrew McLaughlin.
He said Sir Frank Williams has been "supportive" in helping RBS reduce its costs - by as much as 90 per cent in areas such as hospitality - this year and in 2010.
RBS is the next in a line of recent lost sponsorships for Williams, including Lenovo, Petrobras and the multiple Icelandic Baugur brands.
But the Grove based team's chief executive Adam Parr said in a conference call: "No individual sponsor is make or break for us."