British Cycling has confirmed that it has signed up banking giant HSBC as its lead sponsor for the next eight years.

The deal will see the global financial services company’s UK arm support British Cycling right through the Olympics in 2024.

The pair declined to disclose the value of the deal, which is understood to have been struck before Team GB’s recent success at the Rio Olympics, where it topped the cycling medal table. Current sponsor Sky puts in around £10m every four years under its sponsorship deal, which will run out at the beginning of 2017, when HSBC’s deal begins.

Ian Drake, CEO of British Cycling, said the deal was “a huge moment” for cycling in Great Britain.

“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,” he added.

HSBC has a keen interest in building the mid-levels of the sport as well as the elite and beginner levels where Sky focused its efforts with Team GB and its Sky Rides.

>>> British Cycling reaches 125,000 member milestone

The exact details of what this will entail are still being worked out but HSBC may take a more prominent role in support national and lower level racing that Sky has done.

Sir Chris Hoy 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.”

In July it emerged that Sky was not going to renew its sponsorship of British Cycling, which began in 2008. Its sponsorship of Sir Bradley Wiggins’s eponymous team is also set to end at the end of this year.

Watch: Ed Clancy and Owain Doull: Life at the Rio Olympics

According to accounts filed at Companies House, British Cycling’s income in the year to 31 March 2015 totalled £26.1m. It said £14.6m of this was from grant funding, £3.3m was from memberships and subscriptions.

The remaining £8.1m was from sponsorship and other income.

British Cycling is trying to wean itself off its grant funding income in a bid to make the organisation more sustainable.

Sky will continue its involvement with cycling through the British-based WorldTour squad and the Sky Academy.