06:55 AM EDT, 08/12/2024 (MT Newswires) -- KeyCorp ( KEY ) said on Monday it had reached an agreement with The Bank of Nova Scotia ( BNS ) for a strategic minority investment of about $2.8 billion.

The company said the investment will provide The Bank of Nova Scotia ( BNS ) with about 14.9% ownership of its stock at a fixed price of $17.17 per share.

The investment is expected to boost KeyCorp's ( KEY ) common equity tier 1, or CET1, capital ratio by 195 basis points to 12.4% as of June 30, and increase its tangible book value per share by over 10%.

It said the company and Scotiabank plan to explore future commercial partnerships.

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