KeyCorp's official financial reports

Scotiabank Acquires 14.9% Stake in KeyCorp for $2.8 Billion, KeyCorp Stock Jumps

Aug 12, 2024, 11:40 AM

Scotiabank, also known as the Bank of Nova Scotia, has announced an agreement to acquire a 14.9% equity interest in the U.S. regional lender KeyCorp for approximately $2.8 billion. This strategic investment aims to expand Scotiabank's presence in the U.S. financial market. As a result of the announcement, KeyCorp's stock experienced a significant increase, jumping 17.3% in pre-market trading and 4.6% during regular trading. The deal is expected to enhance KeyCorp's financial metrics, with its Common Equity Tier 1 (CET1) ratio increasing by 195 basis points to 12.4% and its tangible book value (TBV) rising by 10%.