The regional headquarters is expected to bring 1,020 jobs with average wages over $135,000 to Dallas.
DALLAS — Another financial giant is coming to Y’all Street.
The Bank of Nova Scotia, better known as Scotiabank, will open a new regional headquarters in Dallas, bringing 1,020 jobs with average wages over $135,000, officials announced this week.
Scotiabank, based in Canada, is one of the largest banks in North America with more than $1 trillion in assets and will invest $60 million in the city as part of the opening of the regional headquarters, officials announced Sept. 2. The Scotiabank regional headquarters will be located in up to 100,000 square feet of space in Victory Park at 2601 Victory Avenue, according to officials. The news was first reported by our content partners at the Dallas Business Journal.
The news comes after the Dallas City Council last week approved a $2.7 million economic development grant, that will be spread out from 2028 through 2031 and include a 10-year property tax break. Abbott announced a Texas Enterprise Fund grant of $10,773,000 was also extended to Scotiabank.
The news comes as NYSE Texas plans to open a new headquarters in Dallas. The upstart Texas Stock Exchange also announced its plans to bring a long-hoped-for national stock exchange headquartered in Dallas last summer. Nasdaq, one of the two largest stock exchanges in the world behind the New York Stock Exchange, also announced earlier this year that it plans to open a new regional headquarters in Dallas. Nasdaq had previously announced plans to put one of its three new regional listings divisions in Irving.
“Texas is the new financial services capital of America,” said Gov. Greg Abbott in a statement. “Already home to the largest financial services workforce in the nation, this $60 million investment in Texas by Scotiabank will add more than 1,000 new, good-paying jobs. 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.”
Scotiabank Global Banking and Markets CEO and Group Head Travis Machen said in a statement that their Dallas regional headquarters will reinforce the bank’s “longstanding presence in Texas.”
“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 Machen. “We are 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. We sincerely appreciate the support from Governor Abbott and Mayor Johnson, whose leadership continues to position Dallas as a premier destination for investment and growth.”
Dallas Mayor Eric Johnson in a statement also welcomed Scotiabank as Dallas’ newest “‘Y’all Street company.”
“I am thrilled to welcome Scotiabank to Dallas as our newest ‘Y’all Street’ company,” said Johnson. “As a leading international financial services firm, Scotiabank is poised for North American growth, and Dallas’s reputation for innovation, great quality of life, central location, and large financial services labor force makes it a great match for this growth. Dallas is breaking out as a financial services capital, and we couldn’t be more pleased that Scotiabank has decided to join us.”