British Cycling and HSBC UK have announced a partnership that will see HSBC UK become the new Lead Partner of British Cycling for the next eight years. The partnership will start on January 1st, 2017 and seeks to embrace communities nationwide.

HSBC UK will 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.

"This is a huge moment for cycling in Great Britain", said Ian Drake, CEO 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".

British Cycling and HSBC UK will deliver events and programmes across local communities, towns and free-to-enter mass participation events aimed at getting millions of people on their bikes.

António Simões, Chief Executive of HSBC Bank plc, said: "We are extremely proud to be working in partnership with British Cycling. Successes at the Olympics and Paralympics in both London and Rio have put cycling well and truly on the map and we are looking to help build on that legacy to make a real difference from grass roots cycling all the way up to those representing Great Britain at the very highest level. Our ambition is for this to become a true partnership that benefits every family across Great Britain".

The partnership will be closely aligned to the government's new Sporting Future Strategy, which sets out physical wellbeing, mental wellbeing, individual development, social and community development and economic development as measures by which sporting success will be defined by in the future.

Tracey Crouch MP, Minister for Sport, said: "Our Olympic and Paralympic cyclists' performances in Rio were incredible, making the nation proud and inspiring many more to get on their bike. I hope that this partnership will help grow the sport further at all levels - increasing participation in the sport and nurturing the next generation of talent".

Sir Chris Hoy, Britain's joint most successful Olympic athlete of all time, 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".

"For us, sporting success is about more than medals and trophies", said Laura Trott, Britain's four-time Olympic gold medallist. "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, which is why I am so excited today".

Phil Smith, Sport England's Director of Sport, said: "From grassroots through to the highest level of performance with the Great Britain Cycling Team, the HSBC UK and British Cycling commitment to the whole sport is ambitious and impressive.

"It's also a long term commitment, which helps our ambition for everyone, regardless of their age, background or level of ability, to feel able to engage in sport and physical activity".

Liz Nicholl CBE, CEO of UK Sport, added: "Partnerships are critical to the success of our Olympic and Paralympic athletes and to inspiring and engaging future generations to get active and enjoy sport. We welcome today's announcement with HSBC UK joining our sector as a partner to British Cycling supporting them to encourage even more people to embrace the sport of cycling".