FIG President Morinari Watanabe signed the deal with Vasily Titov, the first deputy chairman of VTB, in Azerbaijan's capital Baku.

Titov is also a vice president for the FIG with the agreement penned at the governing body's Council meeting.

As part of the deal, VTB will donate $1 million (£770,000/€909,000) to FIG which will be used on the promotion of gymnastics disciplines.

Some of the money will also be used as development funds for continental unions.

"The Rio Olympic Games confirmed that gymnastics is one of the three big Olympic sports," said Watanabe.

"This success depends on supporting the development of the sport and for this reason I am delighted that VTB is continuing its collaboration with the FIG."

FIG have had a deal in place with VTB since 2009.

"I am proud that this partnership between VTB Bank and the FIG is time-honoured and successful," said Titov.

"I am convinced that the agreement signed will, as in previous years, help the FIG to realise concrete and effective projects for the sake of the spread of gymnastics worldwide."

A previous agreement to extend the deal between the two organisations was signed in February 2016.

This came amid a row between VTB, the World Anti-Doping Agency (WADA) and the International Association of Athletics Federations (IAAF).

The WADA Independent Commission’s second report into corruption in athletics appeared to call into question VTB's relationship with the IAAF.

The bank said they would pursue legal action after claims involving a $25 million (£17.5 million/€23 million) payment and suspicions that the money was used to help cover up positive doping cases involving Russian athletes.