CLEVELAND, Aug. 30,
2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today
announced that The Bank of Nova
Scotia ("Scotiabank") has completed the initial purchase of
KeyCorp's common stock with an investment of approximately
$0.8 billion as expected. With
this investment, Scotiabank now owns approximately 4.9% of
KeyCorp's common stock.
This initial purchase is part of the agreement announced on
August 12, 2024, under which
Scotiabank (TSX: BNS) (NYSE: BNS) will make
a strategic minority investment in KeyCorp
of approximately $2.8 billion,
representing approximately 14.9% pro forma common stock
ownership, for a fixed price of $17.17 per share.
The parties expect to complete the final purchase of
approximately $2.0 billion upon
receipt of Federal Reserve approval, which is expected to occur in
the first quarter of 2025.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $187 billion
at June 30, 2024.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of approximately
1,000 branches and approximately 1,200 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information,
visit https://www.key.com/. KeyBank Member FDIC.
About Scotiabank
Scotiabank's vision is to be our
clients' most trusted financial partner, to deliver sustainable,
profitable growth and maximize total shareholder return. Guided by
our purpose: "for every future," we help our clients, their
families and their communities achieve success through a broad
range of advice, products and services, including personal and
commercial banking, wealth management and private banking,
corporate and investment banking, and capital markets. With assets
of approximately CDN $1.4
trillion (as of July 31, 2024), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please
visit www.scotiabank.com and follow us on X
@Scotiabank.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words
such as "outlook," "goal," "objective," "plan," "expect,"
"anticipate," "intend," "project," "believe," "estimate,"
"potential," "contemplate," "explore," and other words of similar
meaning. Forward-looking statements represent management's current
expectations and forecasts regarding future events. If underlying
assumptions prove to be inaccurate or unknown risks or
uncertainties arise, actual results could vary materially from
these projections or expectations. Factors that could cause Key's
actual results to differ from those described in the
forward-looking statements can be found in KeyCorp's Form 10-K for
the year ended December 31, 2023, as
well as in KeyCorp's subsequent SEC filings, all of which have been
filed with the Securities and Exchange Commission and are available
on Key's website (www.key.com/ir) and on the Securities and
Exchange Commission's website (www.sec.gov). Forward looking
statements speak only as of the date they are made and Key does not
undertake any obligation to update the forward-looking statements
to reflect new information or future events.
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SOURCE KeyCorp
