Scotiabank has decided not to renew its sponsorship of Toronto's Caribbean Carnival, an event that draws crowds of approximately two million people each year.

The bank's Corporate Communications Manager Diana Hart confirmed the decision in a statement on Wednesday, saying the company had reviewed its sponsorship priorities.

Last week, Scotiabank decided not to renew its sponsorship of Nuit Blanche, an annual all-night event showcasing contemporary art. Hart said Wednesday that the company decided not to renew partnerships with Caribbean Carnival at the same time.

The company will also no longer sponsor Buskerfest and the annual CHIN Picnic.

"We have enjoyed long relationships with all four of these events and proudly worked with event organizers to build these dynamic festivals into world-class events," Hart wrote.

Hart said organizers of each events were given more than 18 months' notice in advance of the change, and added that the bank will help each event find new sponsors.

"In 2014, Scotiabank invested more than $25 million in community events in the GTA alone. We will continue to be an active partner in the community," Hart wrote.

She said the bank will continue to sponsor arts and cultural events, including the Scotiabank Giller Prize, Scotiabank Photography Award and the Scotiabank Contact Photography Festival.