ING, which last month said it was to make 7,000 staff redundant, will also reduce its spending on F1 this season by 40%.
It has sponsored the Renault team since 2007, when it decided to spend $100m (£70.2m) on associating itself with the sport in a bid to boost global awareness of its brand.
Its retreat from F1 comes two months after Honda pulled the plug on its own racing team, which it used to promote its green credentials.
The future of Royal Bank of Scotland's sponsorship of the AT&T Williams F1 team is also uncertain.