Bank / Credit Union
Scotiabank to acquire minority hold in KeyCorp
August 13, 2024
Scotiabank will acquire a 14.9% stake in KeyCorp, the parent company of Keybank. The stakes are $17.17 per share, representing $2.8 billion, according to a press release.
This investment will be done with an initial investment of 4.9% followed by an additional investment of 10%. KeyCorp has $187 billion in assets and approximately 1,000 branches in the U.S.
"This strategic investment in KeyCorp, a premier bank in the U.S., significantly increases the capital deployed to our identified priority markets," Scott Thomson, president and CEO of Scotiabank, said in the release. "We believe that this transaction provides attractive near-term returns to our shareholders and creates future optionality for Scotiabank in the North American corridor, given our unique position as the only Canadian bank with a presence across Canada, the U.S., and Mexico. We look forward to exploring mutually beneficial strategic opportunities in the future."
