An anonymous director reports

SCOTIABANK RECEIVES REGULATORY APPROVAL FOR ADDITIONAL INVESTMENT IN KEYCORP

Bank of Nova Scotia has received regulatory approval from the board of governors of the Federal Reserve System for its approximately 10-per-cent additional investment in KeyCorp. Scotiabank and KeyCorp expect to close the additional investment in 2024.

Scotiabank previously announced on Aug. 12, 2024, that it had entered into an agreement to acquire an approximately 14.9-per-cent pro forma ownership stake in KeyCorp in two stages -- an initial investment of 4.9 per cent and the additional investment of approximately 10 per cent. The initial investment was completed on Aug. 30, 2024.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by its purpose -- "for every future" -- the bank helps its clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank has assets of approximately $1.4-trillion (as at Oct. 31, 2024),

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