Bank of Nova Scotia Gets Regulatory Clearance for Second Part of KeyCorp Investment

Dow Jones

2024-12-13

By Adriano Marchese

Bank of Nova Scotia received regulatory approval for the second part of its investment in KeyCorp, bringing its total stake in the U.S.-based financial services company to 14.9%.

The Canadian financial institution said Friday that the Board of Governors of the Federal Reserve System gave its approval for the second part of the investment worth about an 10% additional.

In mid-August, Scotiabank first announced it would acquire the pro-form minority ownership stake in the company for $2.8 billion investment.

KeyCorp, which is based out of Cleveland, Ohio, operates about roughly 1,000 branches across 15 states and has $187 billion in assets. The company offers commercial and retail banking, as well as investment advice and services.

Scotiabank and KeyCorp expect to close the additional investment this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 13, 2024 06:28 ET (11:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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