The Bank of Nova Scotia (Scotiabank), a major North American financial institution, will establish a significant regional office in Dallas, Texas. The move is expected to create more than 1,020 jobs and bring over $60 million in capital investment to the area. Scotiabank has been awarded a Texas Enterprise Fund (TEF) grant totaling $10,773,000 as part of the expansion.
Governor Greg Abbott commented on the announcement: “Texas is the new financial services capital of America. 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.”
Travis Machen, CEO and Group Head of Scotiabank Global Banking and Markets, highlighted the significance of this development for both Scotiabank and 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. 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 L. Johnson welcomed Scotiabank’s decision: “I am thrilled to welcome Scotiabank to Dallas as our newest ‘Y’all Street’ company. 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.”
Dale Petroskey, President & CEO of the Dallas Regional Chamber added: “Scotiabank’s decision to establish a major office in Dallas reinforces our position as a top U.S. metro for financial services. We are grateful for Governor Abbott’s strategic vision in positioning Texas as a world-class financial center, as well as the support from Lieutenant Governor Patrick, Speaker Burrows, Senator Royce West, and Representative Venton Jones. 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.”
The TEF grant program provides performance-based funding that supports business relocations or expansions when one site within Texas competes with locations outside of the state.
