Last week, Bank of Nova Scotia confirmed that it will no longer be the title sponsor for Nuit Blanche, the annual all-night art crawl in Toronto. It was not the only sponsorship that the bank has jettisoned.
Scotiabank has also ended its support for three other local events: BuskerFest, a summertime festival of street performers in Toronto; the Scotiabank Toronto Caribbean Carnival; and the Scotiabank CHIN International Picnic, a free multicultural picnic also in Toronto.
The decisions came after a review of its sponsorships that the bank conducted earlier this year. Last year, the company spent more than $25-million on "community events," or local-level sponsorships in the Greater Toronto Area, including the four that have now been dropped. Organizers were informed of the decisions in February.
Scotiabank had sponsored Nuit Blanche since it was created in 2006; Buskerfest since 2000; Caribbean Carnival since 2008; and CHIN Picnic since 2009.
"As with any business, we review our investments, including our sponsorship partnerships, on a regular basis," Scotiabank said in a statement. "Arts and cultural sponsorships remain an important part of our overall sponsorship strategy."