The partnership will start from January 1, 2017, and seeks to "embrace communities nationwide". 

It brings to an end an eight-year deal with communications giant Sky, with the two parties announcing an "amicable" split last year.

HSBC will now work with British Cycling, as well as Scottish Cycling and Welsh Cycling, across the sport from participation at grassroots level and major organised cycling events through to the highest level of performance with the Great Britain cycling team. 

The bank, which serves around 17 million customers in the UK and employs approximately 45,000 people, will also work to deliver events and programmes across local communities, as well as free-to-enter mass participation events in a bid to get millions of people involved in the sport. 

The partnership will be closely aligned to the Government’s new Sporting Future Strategy, which sets out physical well-being, mental well-being, individual development, social and community development and economic development as measures by which "sporting success will be defined by in the future". 

"This is a huge moment for cycling in Great Britain," said Ian Drake, chief executive of British Cycling.

"Working together with HSBC UK, we will provide the encouragement and opportunities to make cycling the most popular activity and sport of choice in Great Britain.

"We want to help transform an increasingly inactive and unhealthy nation through cycling." 

Sir Chris Hoy, Britain’s joint most successful Olympic athlete of all time with six gold medals, said: "We’ve had a great eight years with Sky and now with HSBC UK making a long term commitment to British Cycling, it’s going to help anyone who wants to get on a bike to have fun, get fit, go to work or school, or compete right up to the very highest levels of international sport." 

Laura Trott, Britain’s four-time Olympic gold medallist, added: "For us, sporting success is about more than medals and trophies.

"It’s about inspiring more people to get on a bike and be active, and British Cycling’s partnership with HSBC UK will do exactly that."

In May, former England men’s rugby head coach Stuart Lancaster was announced as one of three appointments to an expert panel which will lead an independent review into the culture within British Cycling’s world class programme.

Lancaster was appointed by Annamarie Phelps, the chair of the independent review, along with London 2012 hockey bronze medallist Annie Panter and barrister John Mehrzad.

The review has been jointly commissioned by UK Sport and British Cycling, following allegations of made by sprinter Jess Varnish and six-time Paralympic champion Darren Kenny that Shane Sutton had made derogatory comments.

Sutton, who has since resigned as technical director of the National Federation and has been replaced by Andy Harrison, has denied the claims.

The review is ongoing.