10:52 AM EDT, 08/30/2024 (MT Newswires) -- KeyCorp ( KEY ) said an initial purchase of its shares was completed by Scotiabank (BNS) with an investment of $800 million, boosting the Toronto-based bank's stake to 4.9%.

The final purchase for $2 billion is expected to be completed upon receipt of Federal Reserve clearance expected in Q1, KeyCorp ( KEY ) said Friday in a statement.

On Aug. 12, Scotiabank agreed to invest $2.8 billion in KeyCorp ( KEY ) for a 14.9% stake at $17.17 a share.

KeyCorp ( KEY ) shares rose 0.5% in recent trading Friday, and Scotiabank gained 0.9%.

Price: 16.97, Change: +0.09, Percent Change: +0.53