KeyCorp announced that all required regulatory approvals have been received for completion of The Bank of Nova Scotia's ("Scotiabank") strategic minority investment in Key as announced on August 12, 2024.  

The Board of Governors of the Federal Reserve System (the "Federal Reserve") approved the approximately 10% remaining investment by Scotiabank, which is expected to close in 2024.  The initial investment of 4.9% was completed on August 30, 2024.

"We are pleased to receive final regulatory approval from the Federal Reserve to complete the strategic minority investment we announced in August," said KeyCorp Chairman and Chief Executive Officer, Chris Gorman. "We have already seen meaningful results from the first tranche of this investment as we continue to strengthen our strategic position. Completing this transaction will create additional capacity for growth, enabling further investments in targeted scale across our franchise."