KeyCorp (NYSE: KEY) Receives Regulatory Approval for Scotiabank Investment

KeyCorp recently announced in an 8-K filing that it has obtained all necessary regulatory approvals to finalize The Bank of Nova Scotia’s strategic minority investment in the company. The approval paves the way for Scotiabank to complete its investment in KeyCorp, with the transaction anticipated to conclude in 2024.

KeyCorp Chairman and Chief Executive Officer, Chris Gorman, expressed satisfaction with the final regulatory clearance from the Federal Reserve to conclude the strategic minority investment that was initially disclosed in August. Gorman highlighted the positive impact of the initial investment completed on August 30, stating that it has already demonstrated significant benefits for the company in fortifying its strategic position.

The completion of this investment is expected to provide KeyCorp with additional growth opportunities, enabling further investments to bolster strategic initiatives and scale across the organization.

KeyCorp, with its roots dating back nearly 200 years to Albany, New York, is a prominent bank-based financial services company headquartered in Cleveland, Ohio. As of September 30, 2024, the company boasts assets totaling approximately $190 billion and provides a wide array of financial services to individuals and businesses in 15 states through KeyBank National Association.

Scotiabank, on the other hand, is focused on being a trusted financial partner to clients, aiming to deliver sustainable and profitable growth by offering a range of banking, wealth management, and investment services. With assets of about $1.4 trillion as of October 31, 2024, Scotiabank stands as one of the largest North American banks by assets. The bank is listed on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS).

For further details and inquiries regarding this investment, investors are encouraged to reach out to Brian Mauney, Investor Relations at KeyCorp via email at brian_mauney@keybank.com. Media inquiries can be directed to Susan Donlan, Corporate Communications at KeyCorp via susan_e_donlan@keybank.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read KeyCorp’s 8K filing here.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.