Scotiabank buys 14.9% stake in KeyCorp for $2.8bn

Scotiabank is set to acquire a 14.9% ownership stake in KeyCorp, the parent company of KeyBank, for $2.8 billion, pending regulatory approval. The investment will occur in two phases, starting with an initial 4.9% stake in Q4 of fiscal year 2024, followed by an additional 10% in 2025. This deal allows Scotiabank to appoint two members to KeyCorp's board, enhancing its presence in North America. CEO Scott Thomson emphasized that this acquisition strategically positions Scotiabank to capitalize on priority markets and improve shareholder returns. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: FinTech Futures » FinTech Futures