Allianz Life Korea CEO Cheong Min-kuk signed a memorandum of understanding (MOU) with South Jeolla Governor Park Joon-young with regard to the sponsorship contract. Park is also head of the F1 organizing committee.

Under the MOU, Allianz will support the marketing and promoting the event by establishing a task force and engage in various promotional activities with up to 300 branches across the world.

``I hope that this MOU will become a milestone for the success of the 2011 F1 event,’’ Chung said. He added that Alliaz plans to build a friendly brand image among local residents via various activities.