Scotiabank’s head office in Toronto. [Photo: JHVEPhoto/istockphoto]

Scotiabank is making Dallas its new U.S. base of operations. Texas Governor Greg Abbott today confirmed that the multinational bank, one of North America’s largest, will establish a regional hub in the city.

The Toronto-based banking giant is expected to bring more than 1,020 new jobs with average wages above $135,000 and over $60 million in capital investment. The project is supported by more than $13 million in grants from the Texas Enterprise Fund and the City of Dallas.

Governor Abbott cast the expansion as part of a larger shift already underway. “Texas is the new financial services capital of America,” Abbott said, pointing to the state’s workforce depth and the surge of global firms putting down roots.

Scotiabank is set to take about 100,000 square feet at 2601 Victory Ave in Victory Park in Dallas.

To help secure the project, the state approved a $10.8 million Texas Enterprise Fund grant. The City of Dallas added $2.7 million in economic development grants. The package also includes a 10-year property tax break worth more than $831,000 starting in 2028.

The Dallas hub builds on roots Scotiabank planted in Texas more than half a century ago.

“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, CEO of Scotiabank Global Banking and Markets, in a statement.

Machen called Dallas a “crucial gateway for trade and business.” He said the new hub will strengthen the bank’s role at the “core of the North American corridor” while deepening its commitment to local communities.

Dallas Mayor Eric Johnson linked the expansion to the city’s growing reputation as a breakout financial services capital. “I am thrilled to welcome Scotiabank to Dallas as our newest ‘Y’all Street’ company,” Johnson said.

Dallas Regional Chamber President and CEO Dale Petroskey described the deal as a collective win for city and state leaders who have worked to compete for marquee employers.

“Scotiabank’s decision to establish a major office in Dallas reinforces our position as a top U.S. metro for financial services,” he said. “This significant win reflects the collaborative spirit of our business community, city, and state allies and our collective commitment to securing a bright future for our great region.”

In a recent CoStar report, a site selection expert at Newmark noted that the competition for a client like this is fierce. “Cities and states would fight over the opportunity to have that kind of client, especially such a credible company like Scotiabank,” said Susan Arledge, senior managing director of Newmark.

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