Banco Scotiabank busca aumentar su participación accionaria en KeyCorp

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Investing.com – The 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.

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

A spokesperson for KeyCorp stated that increasing the stake does not imply any change in the nature of the relationship between the two banks.

This move comes a week after KeyCorp announced a $1 billion stock buyback plan, which will increase the ownership stake of existing shareholders 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 in exchange 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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