British Cycling has announced that HSBC is to end its partnership with the sport, four years into an eight‑year arrangement.

The bank, which recently announced 35,000 job losses worldwide, has cited a shift in “UK marketing and sponsorship priorities” as being behind the decision, which will come into effect after the Olympic and Paralympic Games this year.

Both parties have pointed to a growth in the number of people riding bicycles in the UK as proof of the success of the short-lived partnership, with an ambition of two million Britons cycling before the end of 2020 likely to be exceeded. But questions will still be asked as to why HSBC chose to activate a break clause in its contract.

“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 British Cycling chief executive, Julie Harrington, said.

“Over the last 20 years, British Cycling has enjoyed extraordinary success – both in terms of winning on the global stage and in using that inspiration to encourage more people to cycle more often. As we look to 2021, we will be actively engaging the market to find a new partner to be part of the next stage of our exciting journey.”

Ian Stuart, the chief executive of HSBC UK, said: “We are extremely proud of what our partnership has delivered over the last three years and excited about what it can achieve this year. When we set off on this journey together we wanted to get two million people cycling regularly and we’re on track to smash through that this year.”

HSBC announced this year that it wants to cut its costs by $4.5bn (£3.4m) by 2022 following a stark drop in profits. But the decision also comes at a time when the fitness-to-practice tribunal of the former British Cycling team doctor Richard Freeman hangs over the sport. The tribunal is adjourned until the spring.