Even Canada wants in on Y’all Street.
Scotiabank, one of the largest Canadian banks, made its regional headquarters in Dallas official Tuesday. Last week, the city approved a generous incentives package to lure the $60 million investment from Charlotte, N.C., a competitor city.
The bank will move into 100,000 square feet of office space at the Victory Commons One building, located at 2601 Victory Avenue, adjacent to the American Airlines Center.
The bank’s regional headquarters will add over 1,000 jobs, with an average wage of over $135,000, according to a release from the City of Dallas.
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“As a top 10 bank in North America with over $1 trillion in assets, today’s announcement marks a significant investment and commitment in Scotiabank’s U.S. operations, and reinforces our longstanding presence in Texas where we have been operating since the 1960s,” said Travis Machen, Scotiabank’s global banking and markets CEO, in a release from Governor Greg Abbott’s office.
Scotiabank will receive a $2.7 million economic development grant and 10-year property tax break from the city and a Texas Enterprise Fund Grant of nearly $11 million from the state.
According to Mayor Pro Tem Jesse Moreno, Scotiabank will prioritize hiring city residents through the creation of a Dallas Neighborhood Empowerment Zone.
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In a statement, Mayor Eric Johnson welcomed the bank as “our newest ‘Y’all Street’ company.”
Texas is already home to a significant part of the nation’s financial services workers, and major financial institutions are beefing up their presences in D-FW.
Scotiabank will be just a stone’s throw from Goldman Sach’s $500 million, 3-acre campus by the Perot Museum, while Wells Fargo is constructing an 850,000-square-foot facility in Irving.
And the New York Stock Exchange’s Texas operation recently announced a move into Oak Lawn’s Old Parkland, among others.
“Texas is the new financial services capital of America,” said Abbott in a statement.
“With the continued surge in investments by global financial services giants, Texas will strengthen its leadership across industry sectors, ensuring a more prosperous future for decades to come.”