The Royal Bank of Canada will be the "official bank" of the Toronto International Film Festival for the next 10 years and a major sponsor of the popular annual event, it was announced yesterday by bank and festival officials.
Financial terms of the deal were not disclosed but sources close to the talks say it involves RBC investing at least $11-million in TIFF over the 10 years. At least $10-million of this seems earmarked toward the construction of TIFF's new headquarters in downtown Toronto. Called the Bell Lightbox, the building is to open in 2009.
Previously, TIFF announced that it had raised $137-million in its $196-million capital campaign; yesterday, it noted, without comment, that the total raised now is $147-million.
For its investment, besides being deemed "official bank," RBC gets naming rights to the Lightbox's learning studio. The $11-million also will result in the creation of an annual RBC Emerging Talent Bursary.