Scotiabank has announced a multiyear sponsorship deal with Caribana, one of the most popular and largest Caribbean Carnivals in North America. This comes as excellent news for the Caribana management since the last couple years have been hit and miss when it comes to funding of the annual event.
Scotiabank in a statement said, "Scotiabank Caribana makes our community a richer one by celebrating the diversity of the city." It is very apparent that Scotiabank is hoping to extend its influence in the Caribbean community where they have had a presence for many years. Scotiabank opened a branch in Jamaica in 1889.Although the financial commitment was not announced, the bank has indicated that they intend to extend the arrangement past the announced two year deal. The original Caribbean Cultural Committee ran afoul of local politicians, after the committee was found to not keep proper books, and actually declaring losses in some years.
Since then, the new management has had to license the name from the original committee to keep the largest money earner for the city of Toronto running. Last year Caribana for the first time in many years actually declared a profit. Scotiabank's commitment now signals to the larger corporate community that it is now safe to be associated with Caribana.
