Dallas Mayor Eric L. Johnson welcomes new Scotiabank regional office to Dallas
DALLAS—On Tuesday, September 2, Dallas Mayor Eric L. Johnson welcomed a new Scotiabank regional center of excellence to Dallas. Following an economic development incentive agreement offered by the City of Dallas, and a Texas Enterprise Fund (TEF) grant extended by Governor Greg Abbott, The Bank of Nova Scotia (Scotiabank) announced that it has chosen Dallas as the location for its new regional center of excellence.
Scotiabank, an international financial service provider, will establish a best-in-class regional office at 2601 Victory Avenue that will relocate or create approximately 1,025 new full-time jobs and bring more than $60 million in capital investment.
Following the announcement, Mayor Johnson released the following statement:
“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.
“Scotiabank is a leading global financial institution, and its expansion here will create over 1,000 new jobs—most of which will be filled from Dallas’s strong local financial services workforce—and serve as an anchor bringing even more businesses to our booming city. I am pleased that the Dallas City Council demonstrated its strong support for continued economic growth of our city by unanimously approving an incentive agreement to support Scotiabank’s expansion here.
“And I am grateful for the support of Governor Greg Abbott, Lieutenant Governor Dan Patrick, and Speaker Dustin Burrows for being committed to Dallas as a strong American financial capital.
“I look forward to Scotiabank joining Dallas on ‘Y’all Street.’”
The economic development incentive agreement was unanimously approved by the City Council on Wednesday, August 27, in alignment with the City of Dallas Economic Development Incentive Policy. The agreement includes (1) a 10-year city tax abatement on 90% of the added taxable value of the business personal property resulting from the project, and (2) an economic development grant of $2,700,000.
Additionally, the Office of Governor - Economic Development and Tourism Texas has extended to Scotiabank a Texas Enterprise Fund (TEF) grant of $10,773,000. The official announcement from the Governor’s office can be read here.
This announcement is the latest in a series of developments that reinforce Dallas’s position as the rising financial capital of the United States. Scotiabank’s decision to establish a new regional office in Dallas follows similar moves by Goldman Sachs, JP Morgan, and other financial firms. Like Scotiabank, Goldman Sachs made a commitment to bring a new $500 million campus—which is currently under construction—to Dallas after the City offered an economic development incentive agreement. Additionally, Dallas is a burgeoning hub of stock trading. NYSE Texas launched here in March, the Texas Stock Exchange is opening its headquarters here, and Nasdaq is preparing to open a new regional headquarters in Dallas.
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