Dallas To Offer Big Incentive Package To Lure Canadian Bank
Dallas is putting big bucks behind its burgeoning financial hub as it tries to lure a bank from north of the border.
Dallas City Council is slated to offer Canadian financial institution Scotiabank more than $2.7M in economic incentives to establish a 100K SF office at the 15-story Victory Commons One building.
In addition to the maximum $2.7M grant for job relocation and other costs, the incentive package would include a 10-year property tax abatement on the proposed office at 2601 Victory Ave. in the city’s Victory Park neighborhood, The Dallas Morning News reported.
Scotiabank, the operating name of the Bank of Nova Scotia, would be required to create more than 1,025 jobs with an average salary of $135K. At least 25% of those positions would need to be filled by Dallas residents, and Scotiabank would also need to give internships to Dallas College students and partner with Dallas Independent School District, Richardson ISD, UNT Dallas or Paul Quinn College.
The council is set to consider the incentive package during its regular meeting Wednesday.
The incentives are designed to help tip the scales in Dallas’ favor over Charlotte, the other city being considered by Scotiabank.
With around $1.4T in assets, Scotiabank “would be a huge win for any community,” Newmark Senior Managing Director Susan Arledge said to CoStar.
“Cities and states would fight over the opportunity to have that kind of client, especially such a credible company like Scotiabank,” she said.
The bank also has American offices in Houston, New York City and San Francisco.
If Scotiabank does choose Dallas for its next U.S. hub, the Canadian bank would join a wave of other major financial players.
Goldman Sachs is building a $500M office campus just south of Uptown that is expected to open in 2028. That two-building property at 2323 N. Field St. will eventually be home to more than 5,000 employees.
Dallas is also preparing for the rise of Y’all Street.
The Dallas-based Texas Stock Exchange last year raised $120M to create an alternative to the New York Stock Exchange and the Nasdaq Stock Market. TXSE aims to host its first listings in 2026 and said its headquarters in the heart of Dallas will include executive offices, a conference center and a broadcast center.
The existing securities exchanges soon followed. The NYSE announced in February that it would reincorporate its Chicago branch in Dallas, and Nasdaq said the next month that it was planning a regional headquarters in the city that would serve the entire Southeast.
