Scotiabank Gains Foothold in U.S. with KeyCorp Shares

Scotiabank has received approval from the U.S. Federal Reserve to purchase up to 14.99% of KeyCorp's voting shares, a $2.8 billion deal announced in August. This acquisition will allow the Canadian bank to appoint two directors to KeyCorp's board, strengthening its presence in the U.S. market.

In a significant move, the U.S. Federal Reserve has granted approval to Scotiabank to acquire up to 14.99% of the voting shares in KeyCorp, a regional bank in the United States.

The Canadian financial giant revealed the $2.8 billion transaction in August, aiming to bolster its influence in the American banking sector.

This strategic investment will further enable Scotiabank to appoint two directors to KeyCorp's board, potentially reshaping governance at the Ohio-based institution.

(With inputs from agencies.)