---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-199332"
form_type: "8-K"
ticker: "KEY"
cik: "0000091576"
company_name: "KEYCORP /NEW/"
filed_at: "2024-08-13T23:59:59+00:00"
generated_at: "2026-05-31T09:55:49.457972+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# KeyCorp enters $2.8B investment deal with Scotiabank for up to 14.9% stake at $17.17/share

## Summary
- Scotiabank to purchase KeyCorp common shares at $17.17 each for aggregate ~$2.8B across two closings.
- First closing: 4.9% stake after HSR clearance; second closing: up to 14.9% after bank regulatory approvals.
- Scotiabank gets board representation – two directors after second closing; voting restrictions until <5% ownership.
- Lock-up period until first anniversary of second closing; standstill for up to 5 years or until ownership <19.99%.
- Registration rights, pre-emptive rights, and right of first offer granted to Scotiabank.

## SEC filing metadata
- accession: 0001193125-24-199332
- form_type: 8-K
- ticker: KEY
- cik: 0000091576
- company_name: KEYCORP /NEW/
- filed_at: 2024-08-13T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/91576/000119312524199332/0001193125-24-199332-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/91576/000119312524199332/d750641d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-199332
- JSON: https://secwatch.observer/filing/0001193125-24-199332.json
- Plain text: https://secwatch.observer/filing/0001193125-24-199332.txt

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