HSBC has decided to terminate multi-million-pound sponsorship deal with British Cycling at the end of this year.

The British banking giant, which replaced Sky as British Cycling’s lead sponsor in 2016,   has decided to exercise a break clause to end the deal halfway.

British Cycling in a press statement said that the partnership was ended by HSBC due to a “shift in its UK marketing and partnership priorities”.

British Cycling chief executive Julie Harrington said: “On course to get over two million people cycling regularly, British Cycling’s partnership with HSBC UK has delivered lasting benefits for our sport and for communities up and down the country.

“We will part with HSBC UK as firm friends and, in the meantime, look forward to working with them to support our riders to achieve their best in Tokyo.”

The development comes close on the heels of HSBC announcing 35,000 job cuts globally after registering a 33% slump in profits.

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HSBC UK CEO Ian Stuart said: “We wanted this partnership to create a legacy and it has. It has changed the way we approach things as a company as we encourage our customers and our colleagues to make healthier and greener choices.

“2020 will be an exciting year for the sport, with Britain willing on our athletes to medals in Tokyo. It’s been a privilege to be involved in building the grassroots of a sport with such a fantastic future.”

Recently reports emerged that HSBC is set to shutter 27 of its UK branches in 2020. As a result, the HSBC branch network in the UK will fall to a total of 594 units.