Springbok jersey sponsor Absa has pulled out of renewal negotiations with Saru.

According to the Sunday Times, the slow pace of transformation is one of the reasons for the decision.

In a letter to Saru CEO Jurie Roux, Absa executive head of group marketing and corporate affairs Bobby Malabie said that after entering into 'protracted discussions' with Saru, Absa has 'decided not to sponsor the national team'.

The deal is believed to be worth R100-million a year for just the Springboks and R600-million in total for the four-year period.

This follows Absa's decision not to sponsor the Currie Cup from 2016.

Saru is reportedly in discussions with another bank, FNB, about sponsoring the Currie Cup as well as the Springbok Sevens team, who have also been sponsored by Absa.