Scotiabank to acquire a 14.9% stake in KeyCorp for $2.8bn.

Scotiabank, a Canadian multinational banking and financial services company, agreed to acquire a 14.9% stake in KeyCorp, a bank-based financial services company, for $2.8bn. "This strategic investment in KeyCorp, a premier bank in the US, significantly increases the capital deployed to our identified priority markets. We believe that this transaction provides attractive near-term returns to our shareholders and creates future optionality for Scotiabank in the North American corridor, given our unique position as the only Canadian bank with a presence across Canada, the US, and Mexico. We look forward to exploring mutually beneficial strategic opportunities in the future," Scott Thomson, Scotiabank President and CEO.