Wales’ Millennium Stadium will be named the Principality Stadium after the building society entered a 10-year deal with the Welsh Rugby Union.

The stadium opened in 1999 to host the Rugby World Cup final and has since been home of the Welsh national rugby team.

It generates more than £130m for the local economy each year.

Graeme Yorston, Group Chief Executive of the Principality Building Society, said the deal was about supporting local communities.

“Becoming the official sponsor of the home of Welsh rugby is an important statement about our ambition,” said Graeme.

“This partnership perfectly reflects our ambition - supporting the local communities that we serve and engaging with a younger audience while raising the awareness of our brand on a national and global scale by putting our name to the world stage.”

The stadium will play host to the 2017 UEFA Champions League Final and will be rebranded in time for the start of next year’s Six Nations rugby championships.

Gareth Davies, Chief Executive of the Welsh Rugby Union, said Principality had been a major supporter of Wales’ national game.

“Securing a new partner and doing so with such an important and respected Wales-based organisation is a big step forward for us all,” said Gareth.

“Both the WRU and Principality are intrinsically linked with people from all points of the compass in Wales and the renaming of the Principality Stadium will emphasise that strategic alignment.”

The stadium will be called the Millennium Stadium for this year’s Rugby World Cup with the official unveiling taking place in January.

Principality also supports local secured loans lender Nemo Personal Finance which launched in 2005.