KeyCorp closes $2B Scotiabank tranche; now 14.9% owned; books $700M securities repositioning loss

KEYCORP /NEW/

Scotiabank completed $2.0B purchase of KeyCorp common stock, now owns 14.9% of outstanding shares.
KeyCorp sold $3.0B low-yielding securities and terminated ~$3.0B cash flow hedges, expecting Q4 after-tax loss of ~$700M.
Reinvested proceeds into securities with average yield 5.5% (up from 1.5%) and duration 4 years (down from 8).
Board expanded to 15; appointed Jacqueline Allard and Somesh Khanna as directors, designated by Scotiabank.
CEO Christopher Gorman received target equity award of $7.57M under Capital and Earnings Improvement Awards.

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