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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.