FX.co ★ Scotiabank Completes Additional Investment In KeyCorp For Approx. $2 Bln

The Bank of Nova Scotia (BNS) announced on Friday that it has completed the acquisition of an additional 10 percent interest in KeyCorp (KEY). This was achieved through the issuance of new common shares priced at $17.17 each, resulting in a total cash investment of approximately $2 billion.

Back in August, Scotiabank finalized its initial investment of roughly 4.9 percent in KeyCorp.

"Our investment in KeyCorp represents a strategic, cost-effective approach to deploying capital in the U.S. market, enhancing returns for our shareholders," stated Scott Thomson, President and CEO of Scotiabank. He added, "We are pleased to have concluded this transaction, which aligns with our strategy to shift capital from developing to developed markets in North America."

At present, Scotiabank's shares are trading at $53.52 on the New York Stock Exchange, reflecting a 0.41 percent decrease.