TORONTO — Scotiabank says it has received regulatory approval for the second phase of its investment in U.S. bank KeyCorp.
Scotiabank announced in August a plan to acquire a 14.9 per cent stake in KeyCorp for about US$2.8 billion in a two-step process. "Completing this transaction will create additional capacity for growth, enabling further investments in targeted scale across our franchise," Gorman said in a statement. "This strategic investment in KeyCorp, a premier bank in the U.S., significantly increases the capital deployed to our identified priority markets," Scotiabank chief executive Scott Thomson said when the deal was first announced.
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