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The Canadian Press
Scotiabank says its ownership stake in U.S. bank KeyCorp will contribute about $62 million to its second-quarter net income.
The Canadian bank says the amount represents its share of KeyCorp’s first-quarter net income.
Adjusting for the amortization of acquired intangible assets, Scotiabank says the adjusted net income contribution from KeyCorp will be about $71 million.
Scotiabank is expected to report its second-quarter results on May 27.
The Canadian bank completed a two-part deal to buy a 14.9% stake in KeyCorp in December last year.
KeyCorp operates in 15 states, with about 1,000 branches offering commercial and retail banking and investment advice and services.