Royal Bank of Scotland said it will not continue as title sponsor of the Six Nations Championship when its current sponsorship deal runs out after the 2017 tournament.

Six Nations said it will now begin a search for a new title sponsor, a process that will take several months.

“RBS has sponsored the Six Nations since 2003 and it has been a long and successful partnership which has brought tangible benefits to our business,” said David Wheldon, RBS chief marketing officer.

“However, as a bank we are now looking at realigning our sponsorship strategy to our customer facing brands, so we feel the time is right to look for alternative sponsorship assets that better fit with our brand strategy.

“As we focus back on our home markets in the UK and Ireland, we have decided not to renew the sponsorship beyond 2017.

“We are delighted to have had the opportunity to play our part in supporting the development of the Six Nations Championship into the global spectacle it is today and in supporting the strong contribution it makes to the economies in which it is rooted.”

John Feehan, chief executive, Six Nations Rugby, said: “All good things must come to a natural end at some point.

“As mutually beneficial as the relationship is, it is now time after 15 successful and fulfilling years to seek a new title sponsor to partner our great event and go forward with us into the future.

“We wish to extend our sincere thanks and appreciation to RBS for the valuable support we have received from the bank over many years.

“We look forward to our final year with RBS in 2017 and we will wish them well in the future, as they also move on to other opportunities and initiatives.”