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Scotiabank has revealed that its ownership stake in U.S. bank KeyCorp will contribute approximately $62 million to its net income for the second quarter. This amount reflects the Canadian bank’s share of KeyCorp’s first-quarter net income.
When adjusted for the amortization of acquired intangible assets, Scotiabank estimates the adjusted net income contribution from KeyCorp to be about $71 million.
Scotiabank is scheduled to report its second-quarter results on May 27.
In December 2024, the Canadian bank completed a two-part deal to acquire a 14.9% stake in KeyCorp, a U.S. bank operating in 15 states with around 1,000 branches offering commercial, retail banking, and investment services.
Source: Swifteradio.com
