CLEVELAND, Dec. 13,
2024 /PRNewswire/ -- KeyCorp (NYSE: KEY)
announced today that all required regulatory approvals have been
received for completion of The Bank of Nova Scotia's ("Scotiabank") strategic
minority investment in Key as announced on August 12, 2024.
The Board of Governors of the Federal Reserve System (the
"Federal Reserve") approved the approximately 10% remaining
investment by Scotiabank, which is expected to close in 2024.
The initial investment of 4.9% was completed on August 30, 2024.
"We are pleased to receive final regulatory approval from the
Federal Reserve to complete the strategic minority investment we
announced in August," said KeyCorp Chairman and Chief Executive
Officer, Chris Gorman. "We have
already seen meaningful results from the first tranche of this
investment as we continue to strengthen our strategic position.
Completing this transaction will create additional capacity for
growth, enabling further investments in targeted scale across our
franchise."
About KeyCorp
KeyCorp's roots trace back nearly 200
years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $190
billion at September 30,
2024.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of approximately
1,000 branches and approximately 1,200 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
About Scotiabank
Scotiabank's vision is to be our
clients' most trusted financial partner and deliver sustainable,
profitable growth. Guided by our purpose: "for every future," we
help our clients, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With assets of approximately $1.4 trillion
(at October 31, 2024), Scotiabank is one of the largest banks
in North America by assets, and trades on the Toronto
Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
For more information, please visit www.scotiabank.com and follow us
on X @Scotiabank.
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SOURCE KeyCorp
