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KeyCorp (KEY) in Cleveland has agreed to sell its investment management and broker-dealer units.
February 21 -
KeyCorp (KEY) reported a decline in second-quarter earnings, citing additional expenses from a cost-cutting initiative.
July 18 -
KeyCorp, which is still seeing expenses eat up more than two-thirds of its revenues, will cut costs and close branches in an effort to lower its efficiency ratio.
July 19 -
A real estate arm of KeyCorp has agreed to purchase more than $100 billion of servicing rights on commercial and multifamily loans from Bank of America, Keycorp said in a press release Thursday.
May 10
KeyCorp (KEY) has sold its asset management and broker-dealer businesses for more than $50 million less than originally anticipated.
The Cleveland bank said Thursday that it has completed the sale of Victory Capital Management and Victory Capital Advisers to Crestview Partners and certain Victory employees. Crestview is a New York private-equity firm.
The final sale price was approximately $171million to $188 million, a KeyCorp spokeswoman said. The bank had said it expected to receive approximately $246 million when the deal was
The lower price reflected client attrition after the sale was announced, said the spokeswoman, who could not immediately provide the exact price.
KeyCorp now expects to clear $100 million to $115 million on the sale, approximately $40 million less than it said it would make.
It plans to use the cash it earns from the sale, which it expects to be between $75 million and $90 million, to repurchase common stock.
In 2012 the two Victory businesses generated approximately $112 million in revenue and $88 million in expenses.
Last month, KeyCorp
In May, it agreed to
