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The Scotiabank location on King St. West near Bathurst St. in downtown Toronto is pictured Nov. 4, 2014.

Fred Lum/The Globe and Mail

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.

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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."

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