Thoroughfare dubbed “York U Street” to thank donor

TORONTO, February 11, 2005 -- In a pre-Valentine’s Day celebration, York U cheerleaders, dancers, mascots and football players literally stopped traffic on Toronto’s busy York Street yesterday with a high-energy performance usually reserved for a pep rally. While besuited business executives watched in amazement, Toronto police briefly held traffic as cheerleaders were tossed high into the air and formed pyramids, and mascots, football players and dance team members handed out tens of thousands of cinnamon hearts to motorists and passersby.

The York students descended on the downtown financial district to say a special thank you to HSBC Bank Canada for its generous donation to the York Foundation of ten annual full-tuition scholarships for students to attend York. The event, which followed the release of the Rae Review report, was held to raise public awareness of HSBC Bank Canada’s generosity and to encourage other organizations to support students who wish to pursue a post-secondary education. 

“We want to give back to the community,” said Sean O’Sullivan, Chief Operating Officer of HSBC Bank Canada. “Education is one of our primary focuses so I am pleased to announce that HSBC will be donating $500,000 to York University for student scholarships.” The bank’s donation will establish a permanent fund that will provide scholarships to 10 York students annually – benefiting hundreds of students over the years. 

“Today’s gift of $500,000 from HSBC Bank Canada, combined with their $250,000 previous gift and matching funds, will result in $1 million for student scholarships at York,” said Paul Marcus, President and Chief Executive Officer of the York University Foundation.

“The Ontario Student Opportunities Trust Fund (OSOTF) has allowed us to match private sector support towards endowed student financial aid,” continued Marcus, adding, “We would strongly urge the provincial government to follow the recommendations of the Rae Review, and to re-establish OSOTF as a permanent program.”

Marcus noted, “Currently, only 35 per cent of York students benefit from some kind of financial assistance – whether it be a scholarship or bursary – and over two thirds must work part-time to afford the cost of living and the cost of an education. Many of today’s undergraduate students are faced with an annual tuition and supplementary fees of about $4,800 plus another $8,000 or more for books and living expenses." 

Fourth-year York student and scholarship recipient, Emily Cohen, also spoke about how she has benefited from scholarship funding and of the importance of this kind of financial support to ensuring students’ success.  

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CONTACT:   

 

Nancy White, Director of Media Relations, York University, 416-736-5603

                   

Sharon Wilks, Senior Manager, Public Affairs, HSBC Bank Canada, 416-868-3878