- Business
- KeyCorp (NYSE: KEY; LSE: 0JQR) operates as a bank holding company for KeyBank National Association, one of the largest independent bank-based financial services companies in the United States with approximately $185 billion in assets. Headquartered in Cleveland, Ohio, and tracing its origins to 1825, the company provides a broad range of retail and commercial banking products and services through nearly 1,000 branches and over 40,000 ATMs primarily in 15 states across the Midwest, Northeast, Pacific Northwest, and select other regions from Maine to Alaska. Its Consumer Bank segment offers deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgages and home equity loans, credit cards, treasury services, business advisory services, and wealth management including banking, trust, portfolio management, and charitable giving for nonprofit and high-net-worth clients, complemented by the national Laurel Road digital lending platform targeted at healthcare professionals; the Commercial Bank segment delivers full-service commercial banking, equipment financing, cash management, and capital markets solutions to middle-market companies within its branch footprint and nationally to large corporate and institutional clients in sectors such as consumer, energy, healthcare, industrial, public sector, real estate, and technology, including significant commercial real estate lending, third-party master and special servicing of commercial mortgage loans, and the KeyBanc Capital Markets platform providing syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers and acquisitions advisory, and public finance. In August 2024, Scotiabank announced a $2.8 billion investment to acquire a 14.9% pro-forma ownership stake in KeyCorp through two phases, completing the additional 10% stake in December 2024 following regulatory approval to become its largest shareholder and pursue commercial collaborations in investment banking, wealth management, and payment solutions leveraging Scotiabank's North American presence; KeyCorp also continues to optimize its securities portfolio for improved profitability, liquidity, and capital strength amid evolving regulatory requirements.