KeyCorp (KEY) recently revealed that it has received all necessary regulatory approvals to finalize The Bank of Nova Scotia's strategic minority investment. The Federal Reserve Board's approval permits Scotiabank to proceed with acquiring an additional 10% stake in KeyCorp. Both Scotiabank and KeyCorp anticipate closing this further investment in 2024.
Earlier, in August, Scotiabank had disclosed that it reached an agreement to secure a 14.9% pro-forma ownership stake in KeyCorp, executed in two phases. The initial phase was successfully completed on August 30, 2024.
Chris Gorman, CEO of KeyCorp, remarked, "We have already observed significant benefits from the initial phase of this investment as we enhance our strategic positioning."
