Texas Gov. Greg Abbott announced Tuesday that Scotiabank will open a major regional office in Dallas, creating more than 1,020 jobs and investing over $60 million in the expansion.
Scotiabank — one of North America’s top 10 banks with more than $1 trillion in assets — will receive a $10.8 million Texas Enterprise Fund grant to support the project. Abbott said the move reinforces Texas’ standing as a national leader in financial services.
“Texas is the new financial services capital of America,” Abbott said. “Already home to the largest financial services workforce in the nation, this $60 million investment by Scotiabank will add more than 1,000 new, good-paying jobs.”
The Bank of Nova Scotia has operated in Texas since the 1960s. Its Dallas expansion represents a major commitment to U.S. operations after competing with other states for the project.
“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,” said Travis Machen, Scotiabank’s Global Banking and Markets CEO.
Dallas Mayor Eric L. Johnson welcomed the announcement, calling Scotiabank the city’s “newest ‘Y’all Street’ company.” He highlighted Dallas’ central location, strong financial services workforce, and reputation for innovation as major draws.
The Texas Enterprise Fund requires Scotiabank to meet specific job creation and investment milestones. The performance-based program supports business relocations and expansions when Texas is competing with other states.
Dallas Regional Chamber President Dale Petroskey praised the collaborative effort behind the deal.
“This significant win reflects the collaborative spirit of our business community, city, and state allies,” Petroskey said.
