"The deal the Mayor previously struck was a very one sided affair with Barclays benefiting from massive publicity then pulling out early as sponsor.
"Londoners will rightly ask whether the Mayor has learnt his lesson and secured better value for money this time round. As ever the devil will be in the detail - something we will be looking at closely.
"Whilst money is important this deal shouldn't just be about the bottom line, it should be about finding a partner who will take an active role in promoting and championing cycling in London. I very much hope that is the case with Santander.
"When combined with the improvements to cycling infrastructure we have been long promised, this partnership has the potential to mark a new start for cycling in the capital making it that much easier for Londoners to get on their bike."