The Halifax Metro Centre has a new sponsor and a new name, thanks to Scotiabank's agreement to put money into upgrading the venue.

Scott Ferguson, the president and CEO of Trade Centre Ltd., called it "the most significant corporate partnership we have ever undertaken at the Halifax Metro Centre."

As part of the naming agreement, Scotiabank will invest $650,000 per year for the next 10 years.

Mike Savage, the mayor of the Halifax Regional Municipality, said it's a significant amount of money.

"It means we are going to get upgrades to this facility without increasing ticket prices or go to taxpayers," he said.

The newly dubbed Scotiabank Centre will undergo renovations beginning this fall.

New washrooms, seats, concessions area and a new ice slab for the Halifax Mooseheads are among the first renovations planned for the downtown venue.

Andre Levingston, the owner of the Halifax Rainmen basketball team who play at the Metro Centre, said the new sponsorship is exciting news.

"To have a company like Scotiabank come in and make such a big investment in the community as they continue to do over the years, I think it's going to be phenomenal for all our fans who come to this arena," he said.

For Craig Thompson, the regional vice-president Atlantic for Scotiabank, the Metro Centre is about making memories.

"We believe in supporting the things that matter to the people of Halifax, from the tattoo to the Scotiabank Bluenose Marathon to our sponsorship of 35 local minor hockey teams in the Halifax region and 206 in Nova Scotia through our community hockey sponsorship program," he said at Wednesday's announcement.

Opened in 1978, the Halifax Metro Centre said earlier this year it needs about $6 million to upgrade seats, the sound system and the scoreboard screen.