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 Aug. 12, 2024, under which Scotiabank 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.