Charlotte loses out on bid to land giant banking hub with over 1,000 jobs
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- Scotiabank selected Dallas over Charlotte for a new U.S. hub with 1,020 jobs.
- Texas offered nearly $14 million in combined state and city incentives to the bank.
- Charlotte officials said their bid was competitive but lacked key opportunities to win.
Charlotte, a city known as “banktown,” just lost out on landing a 1,000-job bank hub for one of North America’s largest banks.
Scotiabank chose Dallas, Texas, for its U.S. regional hub, the bank said Tuesday. Charlotte also was considered, city leaders confirmed to The Charlotte Observer. Scotiabank, headquartered in Toronto, has about $1 trillion in assets.
Scotiabank will invest $60 million in the project and create 1,020 jobs, Texas Gov. Gregg Abbot’s office said Tuesday. “Texas is the new financial services capital of America,” Abbott said in the statement.
For its investment, Scotiabank was offered nearly $11 million in tax incentives from Texas, according to Abbott. Dallas also offered more than $2.7 million in tax incentives for its 100,000-square-foot U.S. hub, CoStar recently reported.
“Cities and states would fight over the opportunity to have that kind of client, especially such a credible company like Scotiabank,” Susan Arledge, a senior managing director in real estate group Newmark’s Dallas office, told CoStar.
Scotiabank has not responded to requests for comment from the Observer.
Charlotte tried to put ‘best foot forward’
Charlotte is home base for Bank of America and Truist, and is the biggest employment hub for San Francisco-based Wells Fargo.
The city, Mecklenburg County and the Economic Development Partnership of North Carolina collaborated on the project to try to land Scotiabank, Charlotte Business Journal reported.
“Our incentive proposals at the local and state level were more than competitive,” Tracy Dodson, chief operating officer of the Charlotte Regional Business Alliance, said in a statement Wednesday to the Observer. “The various economic development teams came together to put their best foot forward.”
Neither the city nor the alliance disclosed the tax incentives that were offered to Scotiabank. Dodson said the numbers seemed to be close to the Dallas offer. North Carolina also offered incentives for the project, N.C. Department of Commerce confirmed Wednesday, but would not say how much.
“When deals move quickly or you only get one or two opportunities to showcase a part of the city or a part of the region, it can be difficult to land the deal,” Dodson said.
Behind Dallas as ‘Y’all Street’
Dallas has been touting itself as “Y’all Street,” as it continues to grows as a major hub in the financial sector.
“Scotiabank’s decision to establish a major office in Dallas reinforces our position as a top U.S. metro for financial services,” Dallas Regional Chamber President and CEO Dale Petroskey said in the state’s announcement Tuesday.
Scotiabank has had a presence in the U.S. since 1885 and Houston, Texas since 1962, according to the bank. Its expansion in Dallas represents a “ significant milestone in this journey,” Scotiabank said Tuesday.
“With its thriving business ecosystem, deep talent pool and strong infrastructure, Dallas offers the ideal environment for innovation and long-term growth,” Scotiabank said. “This expansion enhances our ability to attract top talent, and invest in a city that shares our forward-looking vision.”
Scotiabank has more than 900 locations in Canada with U.S. offices in New York City, San Francisco and Houston.
This story was originally published September 3, 2025 at 1:19 PM with the headline "Charlotte loses out on bid to land giant banking hub with over 1,000 jobs."
