A Canadian bank will open a regional headquarters in Dallas’ Victory Park: The Bank of Nova Scotia — also known as Scotiabank — one of the largest banks in North America, will create a major regional office in Dallas at 2601 Victory Ave., with the help of a Texas Enterprise Fund (TEF) grant of $10,773,000.
Governor Greg Abbott says in a statement that it’s part of Texas’ new role as “the new financial services capital of America.”
Scotiabank Global Banking and Markets CEO and Group Head Travis Machen says they’re proud to expand in Dallas with a best-in-class regional hub that fortifies our role at the core of the North American corridor, a crucial gateway for trade and business, while also deepening our commitment to the local communities.
“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,” Machen says.
Headquartered in Toronto, Ontario, the Bank of Nova Scotia dates back to 1832 and is considered one of Canada’s “Big Five” banks (along with RBC, TD, BMO, and CIBC, so they automatically win because they’re not just a set of initials). They offer personal, business, and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets, through their team of approximately 90,000 employees.
Terms include a $60 million capital investment in Dallas by Scotiabank which will occupy up to 100,000 square feet of office space and add 1,020 jobs in the city with average wages over $135,000. Hey now.
The Scotiabank announcement comes after the Dallas City Council voted on August 27 to approve a $2.7 million economic development grant to the bank. The Dallas City Council approved grant will be spread out from 2028 through 2031 and will also include a ten-year property tax break. Governor Greg Abbott has also announced the bank will also be eligible for state tax refunds. Dallas and Texas totally do not come off as desperate.