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Which U.S. regional bank will Scotiabank acquire next, if any, by the end of 2024?
3
Resolution / Starting Odds
PNC Financial Services • 25%
Regions Financial • 25%
M&T Bank • 25%
No acquisition • 25%
Official press releases from Scotiabank or acquired bank, or major financial news outlets
Story
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%.
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