---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-198310"
form_type: "8-K"
ticker: "KEY"
cik: "0000091576"
company_name: "KEYCORP /NEW/"
filed_at: "2024-08-12T23:59:59+00:00"
generated_at: "2026-05-31T10:17:25.761152+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Scotiabank to invest ~$2.8B in KeyCorp at $17.17/share; 14.9% stake; pro forma CET1 12.4%

## Summary
- Scotiabank will invest ~$2.8B in KeyCorp at $17.17/share for ~14.9% pro forma common ownership.
- Investment raises KeyCorp's pro forma CET1 ratio by 195 bps to 12.4% and increases tangible book value per share by >10%.
- Initial $0.8B tranche (4.9% stake) expected upon HSR expiration end of Aug 2024; $2.0B tranche after Federal Reserve approval expected Q1 2025.
- KeyCorp intends to evaluate repositioning of AFS securities portfolio to accelerate profitability & liquidity; net CET1 range 11.3%-11.6%.
- Transaction expected to be low single-digit accretive to 2025 EPS and slightly accretive to 2026 EPS.

## SEC filing metadata
- accession: 0001193125-24-198310
- form_type: 8-K
- ticker: KEY
- cik: 0000091576
- company_name: KEYCORP /NEW/
- filed_at: 2024-08-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/91576/000119312524198310/0001193125-24-198310-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/91576/000119312524198310/d876079d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-198310
- JSON: https://secwatch.observer/filing/0001193125-24-198310.json
- Plain text: https://secwatch.observer/filing/0001193125-24-198310.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.