It was announced on Thursday that the Bank of Ireland would end its sponsorship deal with Irish golfer Padraig Harrington this coming May.

The bank, which has sponsored the Dublin golfer since 2007, said its decision not to renew its sponsorship contract with Harrington is down to cost cutting measures.

Last November the bank announced losses of almost $1.35 billion for a six-month period ending in September.

The bank, 15 percent of which is state owned, first took interest in Harrington just before he became the first home winner of the Irish Open in 25 years in 2007. Later that year Harrington went on to win the British Open and repeated the win in 2008.

Chief Executive of Bank of Ireland Corporate Banking Tom Hayes said:

“Our decision to sponsor Padraig announced just before the Irish Open in May 2007 has reaped fantastic benefits for our brand.

"While we were confident that we were partnering with a great golfing talent, he surpassed all our expectations by becoming the first home winner of the Irish Open in 25 years, following which he then went on to win three historic major titles.

“Padraig has been a wonderful ambassador for the bank both on and off the course and we have no doubt that he will go on to enjoy even greater success in the years ahead. We are exceptionally proud of our association with him and we wish him continued success in his future career.”

Harrington is reported to have earned at least $540,000 a year, plus bonuses, from the deal.

In return, he wore the Band of Ireland logo on his shirt and did three corporate outings a year for the bank.

“I have thoroughly enjoyed working with the Bank of Ireland team, its customers and the many staff who have supported me over the last three years,” said Harrington.

“I am very pleased that I was able to represent a prominent Irish brand on the global stage during a very successful period in my career. I would like to thank the bank for its support over the period and wish them well for the future.”

The golfer still has sponsorship deals with the following, FTI, Wilson Staff, Titleist, Footjoy, Oceanico, Citizen Eco-Drive, GoS Networks, Marquis Jet, the Marlbrook and White Oak Plantation.