The company said Scotiabank completed the final purchase of its common stock on December 27, 2024 with an investment of about $2.0 billion, bringing Scotiabank's stake to about 14.9% of KeyCorp's common shares.

1. 01

   The company said Scotiabank completed the final purchase of its common stock on December 27, 2024 with an investment of about $2.0 billion, bringing Scotiabank's stake to about 14.9% of KeyCorp's common shares.

2. 02

   The company said that under the Investment Agreement it entered into on August 12, 2024, Scotiabank agreed to invest about $2.8 billion at a fixed price of $17.17 per share. After the initial purchase of about $0.8 billion on August 30, 2024, Scotiabank's stake was about 4.9%.

3. 03

   KeyCorp said that on December 27, 2024, its board increased its size to 15 directors and, under Scotiabank's director designation rights, appointed Jacqueline Allard and Somesh Khanna to the board. Allard will serve on the Technology Committee, and Khanna will serve on the Risk Committee.

4. 04

   The company said that before the Second Closing it sold an additional $3.0 billion of low-yielding investment securities and terminated about $3.0 billion of cash flow hedges, and it expects an after-tax loss of about $700 million in Q4 2024.

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.

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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