Dallas, September 6, 2025
News Summary
Scotiabank has unveiled plans to open a substantial regional office in Dallas, creating over 1,020 jobs and investing more than $60 million. The new office, situated at 2601 Victory Ave in Victory Park, will span approximately 100,000 square feet and aims to enhance the financial services presence in the area. Supported by a $10.8 million state grant and local incentives, this expansion underscores Dallas’ reputation as a growing financial hub, attracting major corporate investments.
Dallas — Scotiabank announced plans to open a major regional office in Dallas that is expected to create more than 1,020 jobs, involve an investment of over $60 million, and occupy roughly 100,000 square feet at 2601 Victory Ave in Victory Park.
Key facts up front
The expansion will bring a significant financial-services presence to Dallas, with average wages for the new positions projected to exceed $135,000. The state of Texas will provide a $10.8 million grant from the Texas Enterprise Fund (TEF) to support the project, while the City of Dallas approved a $2.7 million economic development grant and a 10-year property tax break as part of the deal. The TEF award is performance-based and contingent on Scotiabank meeting specified job-creation and investment milestones.
Supporting details
The move was the result of a competitive selection process in which Scotiabank considered other states before choosing Dallas. The lease for approximately 100,000 square feet at Victory Park is among the largest commercial transactions in the Dallas–Fort Worth area for the year. Local and state leaders worked together to secure the project, and regional economic officials described the agreement as the product of coordinated efforts across multiple agencies.
Scotiabank, headquartered in Toronto, ranks among the top 10 banks in North America and manages assets in excess of $1 trillion. The bank has maintained a presence in Texas since the 1960s and has identified Dallas as an important hub for trade and regional business operations. Bank leadership framed the Dallas office as a strategic location to support global banking and markets operations serving the southern and central United States.
Local and regional impact
Officials say the new office reinforces Dallas’ growing reputation as a financial-services center, joining recent corporate activity by other major exchanges and firms that have expanded or relocated operations to the area. The Scotiabank lease and incentives are expected to contribute to office-market demand in Victory Park and the broader downtown Dallas market.
Economic development incentives associated with the project include the state TEF grant, which will only be disbursed after Scotiabank satisfies the stated performance benchmarks, and the city-level grant and tax abatement conditioned on local employment and investment commitments. These financial supports are designed to offset some of the upfront costs of establishing a regional hub and to encourage long-term job creation.
Transaction and timing
The agreement for 2601 Victory Ave represents one of the year’s larger commercial lease transactions in the Dallas–Fort Worth area. Scotiabank’s expansion is scheduled to proceed in phases, tied to hiring targets and build-out of the leased space. Specific timelines for occupancy and the staged hiring plan were presented as part of the agreement but are linked to the fulfillment of the TEF and city incentive conditions.
Background and broader trends
The Scotiabank announcement is part of a broader pattern of global firms increasing investment in Texas as a U.S. operating hub. State leaders have emphasized efforts to attract financial-services jobs and firms through targeted incentive programs and local partnership initiatives. The bank’s long-standing operations in Texas, combined with recent corporate moves into the Dallas area by other financial firms, are cited by planners as contributing factors to the city’s growing cluster of financial-services employers.
What to watch next
- Progress on the build-out and phased occupancy of the 100,000-square-foot space at 2601 Victory Ave.
- Scotiabank meeting the TEF and city performance requirements that trigger grant payments and tax benefits.
- Local hiring and payroll reporting that confirm projected average wages and job counts.
- Market response in Dallas office leasing and potential follow-on investments from other financial firms.
Frequently Asked Questions
What is Scotiabank planning in Dallas?
Scotiabank is opening a major regional office at 2601 Victory Ave in Victory Park, Dallas. The project will occupy about 100,000 square feet and is expected to create more than 1,020 jobs.
How much is Scotiabank investing?
The bank plans to invest over $60 million in the Dallas expansion project, covering build-out and related startup costs for the regional office.
What incentives will Scotiabank receive?
Scotiabank will receive a $10.8 million grant from the Texas Enterprise Fund and a $2.7 million economic development grant from the City of Dallas, plus a 10-year property tax break. The state grant is performance-based and tied to job and investment milestones.
What are the expected wages for the new jobs?
The new positions are expected to have average wages exceeding $135,000.
Why did Scotiabank choose Dallas?
Dallas was selected after a competitive process. The city’s location, business climate, and growing financial-services sector were factors in the decision.
How does this fit into broader trends?
The expansion reflects a broader trend of global firms investing in Texas and the growth of Dallas as a regional financial-services hub.
| Feature | Value | Relative scale |
|---|---|---|
| Jobs expected | 1,020+ |
|
| Average wage | $135,000+ |
|
| Planned investment | $60M+ |
|
| State grant (TEF) | $10.8M |
|
| Office size | ~100,000 sq ft |
|
Deeper Dive: News & Info About This Topic
HERE Resources
Scotiabank Opens Major Regional Office in Dallas
Additional Resources
- Dallas Innovates
- Wikipedia: Scotiabank
- Dallas Express
- Google Search: Scotiabank Dallas expansion
- CultureMap Dallas
- Encyclopedia Britannica: Financial Services
- Texas Border Business
- Google News: Scotiabank Dallas jobs
- Hoodline
Author: STAFF HERE DALLAS WRITER
DALLAS STAFF WRITER The DALLAS STAFF WRITER represents the experienced team at HEREDallas.com, your go-to source for actionable local news and information in Dallas, Dallas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the State Fair of Texas, Deep Ellum Arts Festival, and Dallas International Film Festival. Our coverage extends to key organizations like the Dallas Regional Chamber and United Way of Metropolitan Dallas, plus leading businesses in telecommunications, aviation, and semiconductors that power the local economy such as AT&T, Southwest Airlines, and Texas Instruments. As part of the broader HERE network, including HEREAustinTX.com, HERECollegeStation.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
