KeyCorp said on December 13, 2024 that it had received all regulatory approvals needed to complete The Bank of Nova Scotia (Scotiabank) strategic minority investment in the company. It said the transaction is expected to close within 2024.

8-KOther EventsFiled Dec 13, 2024Period of report Dec 13, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

KeyCorp said on December 13, 2024 that it had received all regulatory approvals needed to complete The Bank of Nova Scotia (Scotiabank) strategic minority investment in the company. It said the transaction is expected to close within 2024.
The company said the Federal Reserve approved the remaining investment by Scotiabank, about 10%, and that this portion is expected to close within 2024. The investment is part of the transaction announced on August 12, 2024.
The company said Scotiabank's initial investment of 4.9% was completed on August 30, 2024. KeyCorp Chairman and Chief Executive Officer Chris Gorman said the company has already seen meaningful results from the first tranche.
Quoting Chris Gorman, the company said completing the transaction will create additional capacity for growth, enabling further targeted-scale investments across its franchise. The company also cited as a risk that the second closing may not be completed on the anticipated timeline, or at all.

Summary

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Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Regulatory Approval Received; Closing Expected Within 2024

KeyCorp said on December 13, 2024 that it had received all regulatory approvals needed to complete The Bank of Nova Scotia (Scotiabank) strategic minority investment in the company. It said the transaction is expected to close within 2024.

Source · Based on the filing body and exhibits

Fed Approves About 10% of Scotiabank Remaining Investment

The company said the Federal Reserve approved the remaining investment by Scotiabank, about 10%, and that this portion is expected to close within 2024. The investment is part of the transaction announced on August 12, 2024.

Source · Based on the filing body and exhibits

Scotiabank's 1st Tranche of 4.9% Completed on August 30, 2024

The company said Scotiabank's initial investment of 4.9% was completed on August 30, 2024. KeyCorp Chairman and Chief Executive Officer Chris Gorman said the company has already seen meaningful results from the first tranche.

Source · Based on the filing body and exhibits

Company Cites Growth Capacity After Deal Closes

Quoting Chris Gorman, the company said completing the transaction will create additional capacity for growth, enabling further targeted-scale investments across its franchise. The company also cited as a risk that the second closing may not be completed on the anticipated timeline, or at all.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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