Bank / Credit Union

Bank of Nova Scotia gains approval for Keybank strategic minority investment

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December 26, 2024

The Bank of Nova Scotia (Scotiabank) has received regulatory approval to make a strategic minority investment in Keybank. The Board of Governor of the Federal Reserve approved the 10% investment, according to a press release.

The Bank of Nova Scotia initially made an investment of 4.9% on Aug. 30, 2024.

"We are pleased to receive final regulatory approval from the Federal Reserve to complete the strategic minority investment we announced in August," Chris Gorman, chairman and CEO, KeyCorp, said in the release. "We have already seen meaningful results from the first tranche of this investment as we continue to strengthen our strategic position. Completing this transaction will create additional capacity for growth, enabling further investments in targeted scale across our franchise."