CLEVELAND, Dec. 27,
2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today
announced that The Bank of Nova
Scotia ("Scotiabank") has completed its purchase of
KeyCorp's common stock with an investment of approximately
$2.0 billion, as expected. With
this investment, Scotiabank (TSX: BNS) (NYSE: BNS) now owns
approximately 14.9% of KeyCorp's common stock. The parties received
Federal Reserve approval for the transaction on December 12, 2024.
This purchase completes Scotiabank's strategic minority
investment in KeyCorp pursuant to the agreement announced on
August 12, 2024.
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