Texas: Governor Abbott Announces Scotiabank Expansion In Dallas

~ Dallas, Texas - Governor Greg Abbott has announced that The Bank of Nova Scotia (Scotiabank) will be establishing a major regional office in Dallas. This move by the multi-national financial services provider, one of the largest banks in North America, is expected to create over 1,020 new jobs and bring in more than $60 million in capital investment. To support this project, Scotiabank has been granted $10,773,000 from the Texas Enterprise Fund (TEF).

In his statement, Governor Abbott expressed his excitement about Texas becoming the new financial services capital of America. He highlighted that with the largest financial services workforce in the nation, this investment by Scotiabank will further strengthen Texas' position as a leader across various industries and ensure a prosperous future for years to come.

Travis Machen, CEO and Group Head of Scotiabank Global Banking and Markets, also shared his enthusiasm for this expansion. As a top 10 bank in North America with over $1 trillion in assets, Machen emphasized that this move marks a significant investment and commitment to Scotiabank's U.S. operations. He also mentioned their longstanding presence in Texas since the 1960s and their pride in expanding with a best-in-class regional hub that solidifies their role at the core of the North American corridor.

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Dallas Mayor Eric L. Johnson welcomed Scotiabank as the newest addition to "Y'all Street," referring to Dallas' growing reputation as a financial services capital. He highlighted how Dallas' innovation, quality of life, central location, and large financial services labor force make it an ideal match for Scotiabank's growth plans.

Dale Petroskey, President & CEO of Dallas Regional Chamber, echoed Mayor Johnson's sentiments and expressed gratitude towards Governor Abbott for his strategic vision in positioning Texas as a world-class financial center. He also acknowledged the support from other state leaders, including Lieutenant Governor Patrick, Speaker Burrows, Senator Royce West, and Representative Venton Jones. Petroskey emphasized that this significant win for Dallas reflects the collaborative spirit of the business community and the collective commitment to securing a bright future for the region.

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The Bank of Nova Scotia, also known as Scotiabank, is a leading international financial services firm with over $1 trillion in assets. This move to establish a major office in Dallas further solidifies Texas' position as a top U.S. metro for financial services.

The TEF grant awarded to Scotiabank is a performance-based grant that aims to attract new businesses or expansions to Texas by creating new jobs and bringing in significant capital investment. This grant is awarded when one Texas site is competing with out-of-state locations.

This announcement by Governor Abbott marks another milestone in Texas' growing reputation as a hub for global financial services companies. With Scotiabank's investment and commitment to Dallas, the state's economy is expected to continue its upward trajectory and create more opportunities for its residents.

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