Dallas city leaders and Governor Abbott celebrate Scotiabank’s $60 million headquarters investment which will bring more than 1,000 high-paying jobs

Dallas, Texas – The Bank of Nova Scotia — widely known as Scotiabank — has confirmed plans to establish a major regional headquarters in Dallas. The move, hailed by city and state leaders, represents more than $60 million in capital investment and the creation of over 1,020 new jobs, with average wages exceeding $135,000.

The new office will occupy up to 100,000 square feet at 2601 Victory Avenue in Victory Park. All positions previously under the Texas Lottery Commission are now transitioned into Scotiabank’s Dallas operations. Employees in the new division will be housed in the George H.W. Bush Building, signaling a strong physical and economic presence in the city.

Dallas City Council unanimously approved an incentive agreement supporting Scotiabank’s expansion, including a $2.7 million economic development grant to be distributed from 2028 to 2031, along with a ten-year property tax abatement. In addition, Governor Greg Abbott extended a Texas Enterprise Fund (TEF) grant of $10,773,000 to the bank.

City and State Leaders Applaud the Announcement

Dallas leaders quickly voiced their excitement. “District 2 is gaining a new neighbor! Scotiabank is setting its roots in Victory Park and will add hundreds of jobs to our local economy! Through the creation of a Dallas Neighborhood Empowerment Zone, they will also ensure that wages are above the living wage and will prioritize hiring Dallasites,” said Dallas Mayor Pro Tem Jesse Moreno. He added, “Dallas is a city that thrives when our business community prospers, and District 2 is booming with a vibrant and growing economy! The Scotiabank commitment to the area also reflects the benefit of our continued investment in green spaces and parks throughout the city.”

Mayor Eric L. Johnson, who has championed Dallas as a rising financial hub, emphasized the broader impact: “I am proud to welcome Scotiabank to Dallas as our latest partner in building America’s new financial hub. I have worked hard to make Dallas the most pro-business city in the country by prioritizing policies that foster economic growth, supporting greater investment in public safety, parks, and infrastructure, and fostering a truly enterprise-driven culture with a focus on our financial sector.” Johnson praised the City Council’s unanimous support and noted, “I look forward to Scotiabank joining Dallas on ‘Y’all Street.’”

Governor Greg Abbott echoed the enthusiasm, stating, “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.”

Scotiabank Commits to Dallas Growth

Scotiabank’s leadership highlighted the importance of this expansion. “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 Global Banking and Markets CEO and Group Head. “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.”

Business leaders across the region also underscored the collaborative nature of the deal. Dallas Regional Chamber President & CEO Dale Petroskey described the expansion as “a significant win” that reflects the collective effort of city, state, and business leaders to position Dallas as a premier financial destination.

With Goldman Sachs, JP Morgan, Nasdaq, and other financial giants also making major commitments to Dallas, Scotiabank’s arrival further solidifies the city’s growing reputation as one of America’s most dynamic financial centers. This investment not only strengthens Dallas’s economy but also signals its rising status as a cornerstone of the U.S. and North American financial marketplace.