KeyCorp (NYSE:KEY) shares are trading higher after the company disclosed a strategic minority investment agreement with The Bank of Nova Scotia (NYSE:BNS). As per the deal, Scotiabank will invest approximately $2.8 billion in KeyCorp, acquiring about 14.9% of common stock at $17.17 per share. The investment is expected to boost KeyCorp’s CET1 capital ratio by 195 basis points to 12.4% and increase tangible book value per share by over 10% as of June 30, 2024. KeyCorp plans to reposition its available-for-sale securities portfolio to enhance profitability and capital strength after the capital raise. This is expected to increase the CET1 capital ratio to 11.3%-11.6%, be ...