Introduction to Scotiabank’s New Regional Headquarters
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 133,000 square feet across four floors of office space at the Victory Commons One building, 2601 Victory Ave., 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.
Business Briefing and Incentives
Business Briefing
“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 Gov. 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.
Related Developments and Partnerships
Related
Local business leader Ross Perot Jr.’s Hillwood Urban is one of the developers behind Victory Commons One, which was completed in 2022 in partnership with Affinius Capital. The building is now more than 90% leased.
“Our team spent a lot of time working with their leadership to confirm that Dallas was right for them, with the workforce and talent to support their expansion,” Perot said in a Hillwood release. “We’re proud they chose North Texas for their continued growth and look forward to being a partner in their success.”
Texas as a Financial Hub
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 building 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,” Abbott said 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.”
Update Sept. 4 at 11:30 a.m.: This story was updated with new information from Hillwood.
Conclusion
The establishment of Scotiabank’s regional headquarters in Dallas marks a significant investment in the city’s financial sector. With the creation of over 1,000 jobs and an average wage of over $135,000, this move is expected to have a positive impact on the local economy. The incentives package offered by the city and state, including a $2.7 million economic development grant and a 10-year property tax break, demonstrates the commitment to attracting major financial institutions to the area. As Texas continues to grow as a financial hub, it is likely that we will see more investments and developments in the sector.
FAQs
Q: What is Scotiabank’s investment in Dallas?
A: Scotiabank is investing $60 million in its new regional headquarters in Dallas.
Q: How many jobs will be created by Scotiabank’s new headquarters?
A: The new headquarters will create over 1,000 jobs with an average wage of over $135,000.
Q: What incentives did the city and state offer to Scotiabank?
A: The city and state offered a $2.7 million economic development grant and a 10-year property tax break, as well as a Texas Enterprise Fund Grant of nearly $11 million.
Q: Where will Scotiabank’s new headquarters be located?
A: The new headquarters will be located at the Victory Commons One building, 2601 Victory Ave., adjacent to the American Airlines Center.
Q: What is the significance of Texas as a financial hub?
A: 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, making it a growing financial hub.
