KeyCorp Gets Federal Reserve Approval To Complete Strategic Minority Investment By Scotiabank

(RTTNews) - KeyCorp (KEY) announced that all required regulatory approvals have been received for completion of The Bank of Nova Scotia's strategic minority investment in Key. The Board of Governors of the Federal Reserve System approved the approximately 10% remaining investment by Scotiabank. Scotiabank and KeyCorp expect to close the additional investment in 2024.

In August, Scotiabank announced it had entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp in two stages. The initial investment was completed on August 30, 2024.

KeyCorp CEO, Chris Gorman, said: "We have already seen meaningful results from the first tranche of this investment as we continue to strengthen our strategic position."