Scotiabank gets Fed approval to acquire bigger stake in KeyCorp
The Bank of Nova Scotia can increase its stake in Ohio-based KeyCorp from 4.93% to as much as 14.99%, the US Federal Reserve said on Thursday. Scotiabank does not currently control a US commercial bank, and the two companies do not compete directly in any retail banking market, according to the central bank.
KeyCorp has already gotten $821 million from Scotiabank for a 4.9% stake in August and needed approval from the Fed for the remaining 10% valued at $2 billion. The banks will also pool their ...
The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.
Bank of Nova Scotia (NYSE: BNS), often just called Scotiabank, isn't particularly well known in the U.S., where it has only a ...
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