Scotiabank Seeks to Increase Stake in KeyCorp

LootboxPhobia · 2026-03-20T22:07:27+00:00

Scotiabank plans to increase its stake in KeyCorp from 14.99% to 19.99%. The increase will be achieved through direct acquisition of KeyCorp voting shares, although KeyCorp stated that the relationship between the two remains unchanged. This move comes shortly after KeyCorp announced a $1 billion share repurchase program. Scotiabank previously invested approximately $2.8 billion to acquire a 14.9% stake.

LootboxPhobia

2026-03-20 22:07:27

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Investing.com – Bank of Nova Scotia is seeking to increase its ownership in KeyCorp from the current 14.99% to a maximum of 19.99%, according to a regulatory filing.

The Canadian bank plans to acquire additional voting shares in the Cleveland-based lending institution, thereby indirectly acquiring voting shares in KeyBank National Association, the banking division of KeyCorp.

A KeyCorp spokesperson said that increasing the stake does not mean any change in the nature of the relationship between the two banks.

This move comes a week after KeyCorp announced a $1 billion share repurchase plan, which will increase existing shareholders’ stake in the company.

Scotiabank and KeyCorp reached a preliminary agreement in August 2024, with the transaction expected to be completed in December of the same year. Scotiabank invested approximately $2.8 billion for about 14.9% of common equity.

At the time of the initial investment, U.S. regional banks were working to strengthen their capital bases and address unrealized losses caused by asset price mismatches, which had led to the collapse of several regional banks in 2023.

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