Scotiabank Completes Additional Investment In KeyCorp For Approx. $2 Bln

(RTTNews) - The Bank of Nova Scotia (BNS), Friday announced the completion of additional 10 percent stake in KeyCorp (KEY) through newly issued common shares at $17.17 per share, for a cash consideration of about $2 billion.

In August, Scotiabank has closed the initial investment of approximately 4.9 percentage.

"Our investment in KeyCorp represents a cost-effective, low-risk approach to deploying capital into the U.S. while boosting returns for our shareholders," said Scott Thomson, President and CEO of Scotiabank.

"We are pleased to have closed this transaction, which is consistent with our commitment to allocate capital from developing markets to developed markets in North America."

Currently, Scotiabank's stock is trading at $53.52, down 0.41 percent on the New York Stock Exchange.