KeyCorp received all required regulatory approvals for completion of The Bank of Nova Scotia’s (Scotiabank) strategic minority investment in Key as announced on Aug. 12, 2024.
The board of governors of the Federal Reserve System approved the approximately 10% remaining investment by Scotiabank, which is expected to close in 2024. The initial investment of 4.9% was completed 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 of KeyCorp, said. “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.”
