Scotiabank closes US$2.8B acquisition of KeyCorp stake [Investment Executive - News]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Investment Executive - News
Scotiabank says it has closed its two-part deal to buy a 14.9% stake in U.S. bank KeyCorp for about US$2.8 billion. It says it closed the second part of the deal, buying a 10% share, following approval from the board of governors of the U.S. Federal Reserve System. Scotiabank says the deal is a cost-effective, low-risk way to invest in the U.S. market. Chief executive Scott Thomson says the deal follows its commitment to shift capital from developing markets to developed markets in North America. KeyCorp operates in 15 states, with about 1,000 branches offering commercial and retail banking and investment advice and services. Under its agreement, Scotiabank agreed to pay US$17.17 per share for its stake in KeyCorp. The deal raised speculation from some analysts that Scotiabank would want to seek a majority stake in the bank but Thomson has said that’s not the case. Canadian banks have looked to the U.S. for expansion potential, but have faced numerous hurdles in seeing their pl
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News
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- KeyCorp (NYSE: KEY) had its price target raised by analysts at Barclays PLC from $19.00 to $21.00. They now have an "equal weight" rating on the stock.MarketBeat
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- KeyBank Appoints Robert Weiss to Lead Family Wealth BusinessPR Newswire
KEY
Earnings
- 10/17/24 - Beat
KEY
Sec Filings
- 1/6/25 - Form 3
- 1/6/25 - Form SCHEDULE
- 1/3/25 - Form 3
- KEY's page on the SEC website