A hefty investment from ScotiaBank has allowed KeyBank to ditch dead weight on its balance sheet, positioning Key to earn an additional $40 million per quarter, according to CEO Christopher Gorman.

CLEVELAND, Ohio — Canadian Scotiabank will buy $2.8 billion worth of KeyCorp stock from the company, giving it close to a 15% stake in KeyBank’s parent.

KeyBank (NYSE:KEY) is among today’s biggest movers, with KEY stock surging by as much as 14% this morning. This is in response to news that Canadian lender Bank of Nova Scotia (NYSE:BNS), also ...

While Scotiabank will soon own 14.9% of KeyCorp, ... KeyBank is also using some of the capital to strengthen its balance sheet, in a move that will boost its earnings potential.

KeyBank, based in Cleveland, ... KeyBank is poised for overall growth through Scotiabank’s $2.8 billion investment in the bank’s holding company, KeyCorp.

Scotiabank staking KeyBank could heat up local lending market. PNC CEO Demchak "has a lot of gas left in the tank," CFO says PNC CEO Demchak "has a lot of gas left in the tank," CFO says.