TORONTO, Dec. 13, 2024/CNW/ - Scotiabank announced today that it has received regulatory approval from the Board of Governors of the Federal Reserve System for its approximately 10% additional investment (the "Additional Investment") in KeyCorp. Scotiabank and KeyCorp expect to close the Additional Investment in 2024.
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Scotiabank previously announced on August 12, 2024 that it had entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp in two stages - an initial investment of 4.9% (the "Initial Investment") and the Additional Investment of approximately 10%. The Initial Investment was completed on August 30, 2024.
About Scotiabank Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2024), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
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Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2024 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2025 Priorities" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events.
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